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.
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.
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.
Celebrity husband-wife duo Mahesh Bhupathi and Lara Dutta have initiated insolvency proceedings against India’s top jewellery manufacturer Gitanjali Gems Ltd to recover their pending dues for endorsing the brand.