×
56 820
Fashion Jobs
BANANA REPUBLIC
E-Commerce Merchandising Coordinator, Banana Republic Japan Online (Remote)
Permanent · San Francisco
LULULEMON
Assistant Manager, Operations | Wellesley
Permanent · Wellesley
LULULEMON
Assistant Manager, Operations | s. Galena Street (Aspen, CO)
Permanent · Aspen
LULULEMON
Assistant Manager, Operations (Contract) | West County Center
Permanent · St. Louis
MACY'S
Asset Protection Captain, Fresno Fashion Fair - Full Time
Permanent · Fresno
MACY'S
Asset Protection Detective, Visalia - Full Time
Permanent · Visalia
MACY'S
Asset Protection Detective, Boynton Beach - Full Time
Permanent · Boynton Beach
MACY'S
Asset Protection Detective, White Marsh - Full Time
Permanent · Nottingham
MICHAEL KORS
f/t Sales Supervisor, Christiana Mall
Permanent · Newark
NORDSTROM
Assistant Manager - Specialty Coffee - Grove at Farmer's Market
Permanent · Los Angeles
NORDSTROM
Asset Protection - Agent - San Leandro Rack
Permanent · San Leandro
NORDSTROM
Asset Protection - Security Ambassador - Towson Town Center
Permanent · Towson
ROSS STORES
Store Protection Specialist
Permanent · Englewood
ROSS STORES
Store Protection Specialist
Permanent · Pembroke Pines
MACY'S
Asset Protection Detective, Lakeforest - Full Time
Permanent · Gaithersburg
MACY'S
Asset Protection Detective, Easton - Full Time
Permanent · Columbus
MACY'S
Asset Protection Detective, Auburn - Full Time
Permanent · Auburn
MACY'S
Asset Protection Detective, Santa Anita - Full Time
Permanent · Arcadia
TJ MAXX
ft Loss Prevention Detective Now Hiring
Permanent · Hartsdale
TJ MAXX
ft Loss Prevention Detective Now Hiring
Permanent · Yonkers
ADIDAS
Senior Specialist, HR - Covid Pmo - Limited Duration (Until End of Year)
Permanent · Portland
ADIDAS
Senior Director, Sport Brand Communications
Permanent · Portland
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.