New Delhi: The mosted wanted man in India at the moment, Nirav Modi, has been traced to JW Marriott's Essex House an apartment in New York's Manhattan.
Interestingly, the apartment is just a stone's throw away from his luxe Madison Avenue jewellery retail store. Staff at the apartment said Nirav Modi's wife Ami was noticed entering and exiting the building several times on Thursday.
Meanwhile, reeling under the $1.8 billion fraud blow, Sunil Mehta, MD and CEO of Punjab National Bank (PNB) on Thursday said the bank "will not spare anyone" involved in the crime, even as the main political parties started a blame game. "We are known for clean banking. The fraud started in 2011. We have brought it under the notice of regulatory and law enforcement agencies as soon as we came to know about it. We will not spare anyone involved in the fraudulent practice," Mehta told reporters here in a hurriedly called press meet on Thursday.
The Enforcement Directorate (ED) on Thursday launched nationwide raids on the offices, showrooms and workshops of billionaire diamond trader Nirav Modi in Mumbai, Surat (Gujarat) and New Delhi. Nirav Modi, who was featured in Forbes India Rich List of 2013, was described by the magazine as a "third-generation diamantaire" who grew up in Belgium and after dropping out of Wharton moved to India in 1990 -- to eventually expand the "Nirav Modi" brandname to 16 stores in Delhi, Mumbai, New York, Hong Kong, London and Macau. The Rs 11,515 crore fraud had been going on since 2011 at the Brady House branch of the bank but could only be detected on January 25 this year, the PNB chief said.
The NDA government on Thursday sought to distance itself from the financial fraud done by jeweller Nirav Modi, blaming the previous Congress-led UPA regime for influencing loans that became non-performing assets (NPAs) while asserting that the guilty will not be spared.