Saturday, February 17, 2018
Nirav Modi fraud investigation makes first arrests
Three people have been arrested on suspicion of helping a billionaire jeweller to defraud one of India's largest banks of millions.
Nirav Modi, a diamond broker and luxury jeweller to celebrities, is being investigated in a $44m (£31m) fraud case at Punjab National Bank (PNB).
Late on Friday, India's federal police arrested two bank officials and a business associate of Mr Modi's.
Mr Modi has not yet commented on the case, and no charges have been filed.
PNB has also claimed Mr Modi is involved in a $1.8bn (£1.3bn) fraud. That amount is almost a third of the bank's market value, and many times its quarterly profits.
Nirav Modi is one of India's richest people, with a personal wealth of $1.75bn, according to Forbes.
He has also been the jeweller for celebrities such as Naomi Watts and Kate Winslet - while one of India's biggest stars, Priyanka Chopra, is his company's brand ambassador.
source: www.bbc.co
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