India’s federal police have arrested a senior official of state-run Punjab National Bank (PNB), as an inquiry into a $1.8-billion fraud at the bank expands a week after it unveiled the size of the alleged scam.
The state-run Metals and Minerals Trading Corporation of India (MMTC) has announced that they have decided to terminate their retail venture with Gitanjali Gems in the wake of the PNB fraud investigation.
Top executives at India’s leading jewellery firm Gitanjali Gems have put in their papers following the alleged involvement of the company and its managing director Mehul Choksi in the billion dollar PNB bank scam.
Indian billionaire jeweller Nirav Modi, one of the prime accused in the country’s largest ever bank fraud, denies allegations levelled against him by Punjab National Bank (PNB), his lawyer said on Tuesday.
Indian federal police arrested three more employees of Punjab National Bank on Monday over a $1.77 billion loan fraud, and the government said the scandal exposed a supervisory failure by the country’s central bank.
The Central Bureau of Investigation (CBI) has registered a case against jewelry retailer Gitanjali in a $1.77 billion fraud at state-run Punjab National Bank (PNB), a source at the agency said on Friday.
Nirav Modi’s name is a stamp of corporate India’s growing global prestige. On Hollywood red carpets, his diamonds have sparkled on actors and models like Kate Winslet, Dakota Johnson and Rosie Huntington-Whiteley.
Fossil Group shares soared 79 percent in early trading on Wednesday as short sellers rushed to cover their positions, a day after the watchmaker posted a better-than-expected increase in sales in the holiday quarter.
The diamond jeweller Nirav Modi is currently part of a CBI case pertaining to fraud at the state-run PNB where the total reported fraud is around 11,400 crore rupees (approximately 1,714 million US dollars).