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Celebrity jeweler Nirav Modi

LordOfMud

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LordOfMud

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Punjab National bank, India's second-largest government bank, reported, Celebrity jeweler Nirav Modi, alleging fraud worth $1.8 billion or over Rs. 11,000 crore of taxpayers' money had been illegally transferred abroad.    ~*^

$1.8 billion or over Rs. 11,000 crore. The illegal transactions benefited "a few select account holders with their apparent connivance" and based on these, "other banks appear to have advanced money to these customers abroad".

The CBI received the bank's complaints against Nirav Modi late last night

CBI sources say Nirav Modi, his wife, brother and others worked with bank officials to illegally obtain Letters of Undertaking, which were cashed overseas from different banks, both private and public sector.

 

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