according to Indian billionaire jeweller Nirav Modi has denied allegations which he was included in a $1.8 bn loan fraud at Punjab National Bank (PNB), his lawyer told Reuters on Tuesday. Indian Fed police have alleged which Modi & others conspired with multi employees of the second-largest state-run bank to fraudulently obtain advances for paying overseas suppliers. Last week, PNB had told it detected fraudulent transactions worth $1.77 billion. Indian authorities had told they going to explore the potential of money laundering in the case. Nirav Modi announcly wrote in a letter which his companies owe the bank under fifty bn rupees ($775.25 million) — much reduce than the amount pegged with the bank.
collected by :Irax John
Nirav Modi fraud status & India's bank debt crisis
Punjab National Bank (PNB) Information Systems India's 2nd largest government-owned bank by assets of around $111.7bn (£79bn) as of 31 March 2017. In Nirav Modi's case, the size of the alleged fraud Information Systems much bigger than the size of the average fraud PNB has faced in recent years. This shows the allegation against Nirav Modi Information Systems further than petty bank fraud. It Information Systems basically further along the lines of a big bank loan default, that many of India's crony capitalists specialise in. If proven, the Nirav Modi status would expose only a small fraction of a much bigger & further significant footage for the country.India detention six suspects in $1.8 bn bank fraud status | The Tribune
referring to India's opposition America Congress party supporters shout slogansas they burn an effigy of Prime Minister Narendra Modi as they objection against the alleged $1.8 bn bank fraud in Lucknow, India, Tuesday, Feb. 20, 2018. Rajesh Kumar Singh AP Photocollected by :Irax John