Jeweler to Stars Accused of Massive India Bank Fraud
- Punjab National Bank said to have accused jeweler Nirav Modi
- Alleged transactions amount to eight times bank’s 2017 profit
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One of India’s biggest banks has accused jeweler Nirav Modi -- who’s dressed stars including Kate Winslet and Priyanka Chopra -- of involvement in a multi-billion dollar fraud that could extend to other lenders, said people familiar with the matter.
Punjab National Bank filed a complaint with the Central Bureau of Investigation, the federal investigation agency, alleging that Modi and companies linked to him fraudulently acquired PNB guarantees worth 100 billion rupees ($1.6 billion) that they later used to obtain loans from abroad, the people said, asking not to be identified as the details aren’t public. The bank alleged that Modi worked with some junior PNB officials to get the letters, the people said.