Billionaire investigated over Indian bank fraud

Monday, 19 February 2018 16:00

An Indian billionaire is being investigated in connection with a fraud case which hit one of the country’s largest banks.

Nirav Modi, a diamond broker and luxury jeweller, is suspected of being involved in a $44m (£31m) fraud case at Punjab National Bank (PNB).

India's federal police arrested two bank officials and a business associate of Mr Modi's. No charges have yet been filed against him.

PNB has also claimed Mr Modi is involved in a $1.8bn (£1.3bn) fraud, which amounts to almost a third of the bank's market value.

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