Raigad (Maharashtra):  Authorities here on Friday carried out a controlled blast to raze the luxurious beach bungalow of absconding diamantaire Nirav Modi, one of the prime accused in the Punjab National Bank scam, official sources said.

Over 100 dynamite sticks were strategically placed within and outside the 33,000 sq. feet bungalow near the Kihim Beach, and the first of the blast took place at 11.15 a.m. amidst tight security.

Few days ago, detonators were fixed at various points on the bungalow to carry out the controlled-blast and bring it down in a single-shot.

On January 25, the collectorate had initiated the demolition process using traditional methods of bulldozers, excavators and other such manually-operated equipment, but it proved to be a slow and tedious process.

The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹14,356.84 crore (US$ 2.1 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. The fraud was allegedly organized by jeweller and designer Nirav Modi.