A Special Investigation Team (SIT) on Friday raided IMA Jewels located at Lady Curzon Road in Bengaluru and seized jewels worth Rs 20 crore.
The searches were conducted a day after the SIT took permission from the court.
The raid began at 10 am and continued till 9 pm. The seized items include 30 kg gold ornaments worth Rs 8.5 crore, diamonds worth Rs 9.5 crore and 450 kg of silver worth Rs 2 crore, an official said.
Five directors of IMA Jewels have been taken into custody. They have been identified as Shadab Ahmed, Israr Ahmed, Pusail Ahmed, Mohammed Idris and Usman Abraj.
As of now, 13 people have been arrested in connection with this case.