The raids came after the Punjab National Bank had on Wednesday detected fraudulent transactions of Rs 11,500 in one of its Mumbai branches and has filed a complained against Nirav and others to the CBI.
ED officials, speaking on condition of anonymity, told PTI that five properties belonging to Nirav and the other accused in Mumbai were sealed by the agency.
According to PTI, ED sleuths searched Modi's residence in Kurla, jewellery boutique in Kala Ghoda area, three company offices in Bandra and Lower Parel in Mumbai, three premises in Surat in Gujarat and Modi's showrooms in Chanakyapuri and Defence Colony in Delhi.
Diamond, jewellery and gold worth Rs 5,100 crore have been seized during the searches.
Punjab National Bank had rocked the financial world on Wednesday with the revelation that it had detected "fraudulent and unauthorised transactions" worth 11,500 crore at one of its branches in Mumbai.
The fraudulent transactions are reportedly linked to billionaire diamond merchant Nirav Modi, against whom the bank had filed a complaint with the CBI last month.
Nirav Modi was initially charged last month with causing a wrongful loss of Rs 280.70 crore to PNB in 2017 after hatching a conspiracy with two bank officials to defraud the bank.
The other partners who were allegedly involved in fraudulent transactions were Nirav's wife Ami, brother Neeshal and maternal uncle Mehul Choksi, who owns Gitanjali Gems.
On Wednesday, PNB filed two more complaints against Modi after it realised that the fraud could involve at least Rs 11,500 crore of its money.
The estimated scale of the fraud of Rs 11,500 crore is more than eight times PNB's net profit of Rs 1,325 crore in the financial year ended March 2017. The crisis could impact the bank's profitability this year.
Nirav had left India on January 1, and is believed to be in Switzerland. Nirav's wife Ami, a US citizen, and business partner Mehul Choksi departed on January 6.