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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