On 15 February, hours after India’s largest bank scam – where diamond czar Nirav Modi and his uncle, Mehul Choksi, allegedly got illegal loans of Rs 12,700 crore from the Punjab National Bank – hit headlines, the Enforcement Directorate raided several of Modi’s and Choksi’s properties. The agency tweeted that Rs 5,100 crore worth of diamonds and precious stones had been seized – or half the scam amount.

But, does this seizure really mean that half the exchequer’s money has been recovered from the diamond duo? Can the agency hand over the assets to PNB so that they can sell it and recover the money?  NO.