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Allegations of frauds dent India Inc's ability to win investor confidence

Government bonds have suffered their worst sell-off in almost two decades, and the rupee and stocks have been under pressure

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Ari Altstedter & Anirban Nag | Bloomberg
In India, the name of billionaire jeweler Nirav Modi was once synonymous with glamour and the good life. It could be seen on billboards next to Bollywood starlets, and his diamond-studded creations were sold as far as New York’s Madison Avenue. Now, the name is synonymous with allegations of fraud. 

On Valentine’s Day, one of India’s largest banks accused the jeweler of being the mastermind of a financial scam -- a seven-year heist in which fake guarantees worth $2 billion were purportedly used to get loans. A string of other corporate scandals are also in Indian headlines right now. Earlier

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First Published: Feb 28 2018 | 9:55 PM IST

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