86 096
Fashion Jobs
RALPH LAUREN
Associate Manager
Permanent · HERSHEY
A & F
Abercrombie & Fitch - Assistant Manager, International Market Place
Permanent · HONOLULU
A & F
Hollister CO. - Brand Representative, Galleria at Tyler
Permanent · RIVERSIDE
FOOT LOCKER
Director of Safety (Supply Chain)
Permanent · CAMP HILL
LEE
PT Keyholder, Estero, FL
Permanent · ESTERO
URBN
Free People: Merchandise Planning Manager
Permanent · PHILADELPHIA
URBN
Free People: Senior Merchandise Planner
Permanent · PHILADELPHIA
KOHLS
Operations Supervisor - Weekend Overnights
Permanent · EDGEWOOD
KOHLS
Full-Time Loss Prevention Officer
Permanent · SOUTH BURLINGTON
ADIDAS
Key Account Manager: Athletic Footwear
Permanent · PITTSBURGH
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · GOSHEN
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · NAPLES
KOHLS
Shift Leader/Operations Manager - Weekend Night Shift
Permanent · PATASKALA
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader (Part-Time) - us
Permanent · POOLER
AMERICAN EAGLE OUTFITTERS
ae - Merchandise Leader (Part-Time) - us
Permanent · MURFREESBORO
AMERICAN EAGLE OUTFITTERS
Aerie - Merchandise Leader - us
Permanent · KAPOLEI
NAVY EXCHANGE
Buyer (Level i) - Beauty Care
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i) - Pet
Permanent · VIRGINIA BEACH
GAP INC.
Asset Protection Service Representative - Harlem Usa
Permanent · NEW YORK
GAP INC.
Asset Protection Coordinator - Mount Vernon Plaza
Permanent · ALEXANDRIA
BANANA REPUBLIC
Associate Art Director, Photo Studio
Permanent · SAN FRANCISCO
ECCO
Third Keyholder
Permanent · SAN FRANCISCO
By
AFP
Published
May 14, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

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 © 2024 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.