Feb 19, 2018
Indian bank branch at centre of $1.8bn fraud is closed
Indian federal police have sealed off the south Mumbai branch of a bank at the centre of the biggest loan frauds in the country's history. A billionaire jeweller, Nirav Modi, and others are accused of colluding with employees at Punjab National Bank. Three people have been arrested on suspicion of helping Mr Modi, who is understood to have left India last month. Officials from India's Central Bureau of Investigation reportedly questioned more PNB employees over the weekend as well as some executives from Mr Modi's group. The three people who have already been arrested include two bank officials and one of Mr Modi's business associates.
Related companies
Make a complaint about National by viewing their customer service contacts.
