Gitanjali Gems, the jewellery retailer led by Nirav Modi's uncle Mehul Choksi, asked its employees to take relieving letters Tuesday.
It is set to close down days after Punjab National Bank, India's second largest state lender, uncovered a fraud which allegedly involves at least three firms controlled by Modi, a billionaire jeweller, and others by Choksi (including Gitanjali Gems).
Nearly, 5,000 employees of the group have been given the pink slip. Meanwhile, the Enforcement Directorate continued its crackdown on Gitanjali group on Tuesday with raids at 20 premises across the country.
Source - India Today