Jeweller Nirav Modi, accused of frauding the Punjab National Bank (PNB) of nearly Rs 11,000 crore has reportedly left the country. On Tuesday night, the Central Bureau of Investigation (CBI) had received two complaints from PNB against the celebrity jeweller and his company.

This morning the Enforcement Directorate raided at least 10 properties related to his home in Mumbai’s Kurla area, his jewellery boutique in Kala Ghoda, and showrooms in Delhi’s Chanakyapuri and Defence Colony.

The scam started unfolding in the public domain when Mumbai Branch Deputy Manager of PNB, Avineesh Nepalia complained to the CBI that two PNB officials were causing loss to the bank. He had accused that these officials had issued Letters of Understanding (LoU) without following due procedure and without making entries in the systems. As per him, around eight such fraud LoUs worth Rs 280 crore were issued for three companies in favour of Hong Kong branches of Allahabad Bank and Axis Bank.

The CBI later lodged a first information report against the 48-year-old jeweller, his brother Nishal, wife Ami and Mehul Chinubhai Chowski of Diamond R and Stellar Diamonds, for causing a loss of Rs 280 crore. They were accused of criminal conspiracy and cheating.

The second-largest public sector bank, according to reports, informed the stock exchange that it has detected “fraudulent and unauthorised” transactions amounting to around Rs 11,360 crore at a branch in Mumbai. These transactions were aimed at benefiting “a few select account holders with their apparent connivance” and based on these, “other banks appear to have advanced money to these customers abroad”.

While the agencies are raiding the properties related to Modi, the news of his escape or leaving the country has already started doing rounds. Modi is being compared to Vijay Malaya – who is currently living in Britain and the Indian government is trying to extradite him.

The hashtag #PNBScam is already trending on the social media. In a tweet, Delhi Chief Minister Arvind Kejriwal took on the Central government and levelled serious charges.

Modi is the founder of Firestar Diamond which is worth $ 2.3 billion. He was named amongst the Forbes’ list of India’s Richest in 2016, with a net worth of $ 1.74 billion.

According to reports, the PNB has witnessed the steepest drop in the share market since last October. After the PNB scam to light, yesterday, its share prices dropped by 7.5 per cent.