Indian authorities raid billionaire jeweller's Mumbai home in bank fraud probe

NEW DELHI, March 24 (Xinhua) -- Indian authorities have carried out fresh raids on the palatial residence of billionaire jeweller Nirav Modi in Mumbai in connection with the biggest-ever bank fraud and seized expensive jewellery, watches and paintings worth millions.

"ED (Enforcement Department) searches Nirav Modi's Samudra Mahal (Mumbai residence) & seizes high end/ antique jewellery..., watches... & paintings...," the agency tweeted Saturday.

In earlier raids on Modi's home and his firms, the Enforcement Department and the Central Bureau of Investigation seized high-end jewellery, luxury cars and expensive watches. The agencies also sealed several jewellery outlets belonging to Modi.

Modi is said to have defrauded Punjab National Bank, India's second largest state-run bank, of 1.8 billion U.S. dollars, though he has claimed that he owes the bank only 775 million U.S. dollars in a letter sent to the bank's management.

Though Indian investigators have so far arrested nearly 20 people in the fraud probe, they have failed to nab Modi and his uncle Mehul Choksi. Recently, they sought Interpol's help to track them down, days after India's External Affairs Ministry revoked their passports.

The celebrity jeweller and Choksi are said to have fled the country before the fraud came to light in February this year. Modi was reportedly last seen in New York after his appearance at the World Economic Forum in Davos as a member of the Indian delegation. Enditem