Hunt begins for diamond tycoon Nirav Modi over $1.8bn fraud case
High profile police raids have been conducted on his jewellery stores and other businesses
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Indian jewellery billionaire Nirav Modi has been accused of ‘cheating’ state-owned Punjab National Bank (PNB) out of nearly $1.8bn (£1.2bn).
According to reports he is alleged to have worked with bank employees to obtain huge unsecured loans over a seven-year period, according to a complaint filed by PNB.
The borrowed funds caused shares in the bank to fall this week. According to PNB, some of the loans were used to “replenish lines of credit” with other lenders and scam could have “wider ramifications” for India’s ailing banking sector.
He flew out of the country along with his family on 1 January 2018 and is yet to comment on the claims.
Modi is a third-generation jewellery tycoon whose clients have included Kate Winslet and Priyanka Chopra.
