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Nirav Modi Under Investigation for Bank Fraud

Indian authorities probe billionaire jeweler’s dealings with Punjab National Bank, reports say.
Feb 11, 2018 10:53 AM   By Rapaport News
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RAPAPORT... India’s Central Bureau of Investigation (CBI) has launched a probe into billionaire jeweler Nirav Modi over allegations he defrauded a state bank of $44 million, Reuters reported.

The Punjab National Bank complained to the CBI that Modi and others had conspired with bank officials for financial gain, the report said last week. Earlier this month, the CBI raided Modi’s home, as well as 21 locations linked to his companies and those of others accused in the case, the news organization cited a spokesperson for the bureau as saying.

The fact that the CBI is investigating and has registered the complaint does not mean the case will ever go to trial, the report noted, adding that the inquiry was in its early stages.

Modi’s diamond-retail firm, Firestar International Limited, “has no affiliation, legal or otherwise” with the case, the company said in a statement. The CBI did not name Firestar in its accusations, Reuters said.

A spokesperson for Modi did not immediately respond to Rapaport News’ request for comment.
Tags: bank, CBI, Central Bureau of Investigation, Firestar, Firestar International Limited, fraud, jeweler, Nirav Modi, Punjab National Bank, Rapaport News
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