ED seizes jewellery worth Rs 30 crore during raid on SKIL Infra Chairman Nikhil Gandhi's lockers

The Enforcement Directorate (ED) during a search of lockers belonging to SKIL Infrastructure Executive Chairman Nikhil Gandhi found jewellery, including diamonds, worth around Rs 30 crore. Sources said that over the past fortnight, ED officials have been carrying out searches of lockers belonging to Gandhi and his relatives at two banks in South Mumbai and Central Mumbai.

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The ED recovered the jewellery from 10 lockers in two banks. A few more lockers are yet to be opened, as per sources.

Nikhil Gandhi’s firm SKIL Infrastructure had taken loans from IL&FS Financial (IFIN), which turned into a non-performing asset (NPA) later. Nikhil Gandhi has around 15% stake in Navi Mumbai Special Economic Zone (SEZ).

The Enforcement Directorate has identified movable and immovable assets of Nikhil Gandhi, worth around Rs 600-700 crore. These can be attached at any time. Earlier, ED had attached several assets of the accused persons and searches have also been conducted in the alleged loan-fraud case in 2019. Sources said that officials were still going through the contents of some lockers and the figure of the seizure is likely to rise.

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