×
2 758
Fashion Jobs
BOOHOO GROUP
Warehouse Operative - Any 5 in 7, 06:00 - 14:00
Permanent · CRICK
BOOHOO GROUP
Warehouse Operative - Boohoo Group (Pretty Little Thing)
Permanent · SHEFFIELD
AESOP
Retail Consultant | Full Time | Aesop Northcote Road, London
Permanent · London
AESOP
Retail Consultant | Part Time | Aesop Northcote Road, London
Permanent · London
AESOP
Retail Consultant | Full Time | Aesop Richmond, London
Permanent · Richmond
AESOP
Retail Consultant | Part Time | Aesop Richmond, London
Permanent · Richmond
SELFRIDGES
Learning & Development Manager – Digital Learning
Permanent · LONDON
DEBENHAMS
CRM Assistant
Permanent · LONDON
PRETTYLITTLETHING
Business Analyst
Permanent · MANCHESTER
HARRODS
Beverage Supply Assistant Manager
Permanent · LONDON
HARRODS
Buyers Clerk - Non Fashion Buying
Permanent · LONDON
JOHN LEWIS
Loss Prevention Partner – Various London Branches
Permanent · LONDON
JOHN LEWIS
Loss Prevention Partner
Permanent · KINGSTON UPON THAMES
HEAD OFFICE
Senior Compliance Officer – fs
Permanent · LONDON
HEAD OFFICE
SEO Copywriter, Financial Services
Permanent · LONDON
BOOHOO GROUP
Lead Product Manager
Permanent · MANCHESTER
HARRODS
Retail Operations Assistant Manager
Permanent · LONDON
VF INTERNATIONAL
Warehouse Team Manager
Permanent · COALVILLE
FOUR SEASONS RECRUITMENT
Fabric Buyer &Amp; Developer
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Operations Manager
Permanent · LONDON
HEAD OFFICE
Senior CRM Executive
Permanent · LONDON
URBN
Urban Outfitters Studio Coordinator- London, UK
Permanent · LONDON
By
AFP
Published
May 14, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Indian police charge jeweller over bank fraud

By
AFP
Published
May 14, 2018

Indian investigators filed the first charges Monday in a huge fraud case involving billionaire jeweller Nirav Modi and the state-run Punjab National Bank, officials and reports said.


Nirav Modi- Facebook



A spokesman for the Central Bureau of Investigation (CBI) confirmed to AFP that a charge sheet had been filed in a Mumbai court over the alleged $1.8 billion scam, which has shaken India's corporate world.

Charges were laid against Modi and several senior bank officials over the alleged fraud, according to officials cited by the Press Trust of India (PTI).

The news agency said those charged included Punjab National Bank's former chief Usha Ananthasubramanian, who is now CEO of Allahabad Bank.

The CBI is investigating allegations that Modi and his uncle and business partner Mehul Choksi, a diamond merchant, defrauded Punjab National Bank, India's second-largest state-run bank, of 2.8 billion rupees ($43.8 million).

This figure is said to be just a part of the total losses.

The Punjab National Bank (PNB) said in February that Modi and Choksi had defrauded it by raising credit with international branches of other Indian banks, using illegal guarantees provided by rogue PNB employees.

The federal investigation agency has arrested 19 people for enabling the defrauding of the bank with forged documents. Modi and Choksi are still on the run and believed to be abroad.

Modi, the third generation of his family to go into the diamond trade, is worth $1.73 billion according to Forbes, placing him 85th on India's rich list.

The 47-year-old's high-end eponymous Nirav Modi brand has stores in several of the world's major cities.

India's government is trying to reduce the crippling debts of the country's embattled state banks, including the Punjab National Bank.

It recently announced a $32-billion recapitalisation plan to help them clean up their books ahead of the general election in 2019.Mumbai, May 14, 2018 (AFP)

Copyright © 2022 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.