The Enforcement Directorate on Thursday raided 9 locations linked to Nirav Modi. Raids were conducted in locations including Surat, Delhi and Mumbai.
The bank accounts of Nirav Modi were also declared as fraud.
This come after CBI booked diamond merchant Nirav Modi, his brother, wife and a business partner for allegedly cheating PNB of over Rs 280.70 crore in 2017.
The Enforcement Directorate (ED) has registered a money laundering case in connection with the Rs 280-crore cheating of Punjab National Bank (PNB) allegedly by diamantaire Nirav Modi and others, on the basis of a CBI FIR.
Official sources said the agency filed the case under the Prevention of Money Laundering Act (PMLA) after going through a CBI FIR filed early this month.
It is understood that the ED also went through the PNB complaint that was made out against Modi and others.
It had also raided the residence of Modi, his brother Nishal, wife Ami and Mehul Chinubhai Choksi, all partners of Diamond R US, Solar Exports and Stellar Diamonds and two bank officials - Gokulnath Shetty (now retired) and Manoj Kharat, who were also named in the FIR as accused.
The bank had also alleged in the complaint that a fraudulent issuance of Letters of Undertakings (LOU) took place on January 16, 2018 for and on behalf of the accused firms, which approached the bank and presented a set of import documents to the branch with a request to allow buyers' credit for making payment to overseas suppliers.