India's RBI orders changes to bank protocols after $1.8 billion fraud case
Nirav Modi
In what has been dubbed the biggest loan fraud in India’s history  the No. 2 state-run lender PNB (PNBK.NS) has alleged that two employees at a Mumbai branch colluded with firms linked to well-known jewelers  Nirav Modi  and  his  uncle  Mehul Choksi.
A lawyer for  Modi  has denied his client was involved in any fraud. Choksi has not commented but his firm  Gitanjali Gems (GTGM.NS)  has also denied involvement in the alleged fraud.
Separately  PNB said a news report that it had approached the global accounting firm PwC to conduct a probe into the alleged fraud that would help it build a case against  Nirav Modi  and  his  associates was “totally incorrect”.
Bollywood actor Priyanka Chopra  who also stars in the U.S. television series “Quantico”  terminated her contract as the brand ambassador for Nirav Modi’s eponymous high-end diamond jeweler stores  which stretch from New York to Beijing  her spokesman said.
In what has been dubbed the biggest loan fraud in India’s history  the No. 2 state-run lender PNB (PNBK.NS) has alleged that two employees at a Mumbai branch colluded with firms linked to well-known jewelers  Nirav Modi  and  his  uncle  Mehul Choksi.
A lawyer for  Modi  has denied his client was involved in any fraud. Choksi has not commented but his firm  Gitanjali Gems (GTGM.NS)  has also denied involvement in the alleged fraud.
Separately  PNB said a news report that it had approached the global accounting firm PwC to conduct a probe into the alleged fraud that would help it build a case against [TGT]and  [TGT]  associates was “totally incorrect”.
Bollywood actor Priyanka Chopra  who also stars in the U.S. television series “Quantico”  terminated her contract as the brand ambassador for Nirav Modi’s eponymous high-end diamond jeweler stores  which stretch from New York to Beijing  her spokesman said.