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Nirav Modi scam: Billion dollar diamond fraud puts state banks in focus

The apparent failure of anyone to notice the largest fraud in Indian banking history until this January reveals a "rot" in the state financial sector that goes beyond one lender

Reuters  |  NEW DELHI/MUMBAI 

 The Punjab National Bank branch in south Mumbai sits just down the road from both the Bombay Stock Exchange and the Reserve Bank of India, at a physical centre of one of the world's fastest growing major economies. The branch, clad in a stately colonial edifice, is now also at the heart of a fraud case linked to billionaire jeweller Nirav Modi that has shaken confidence in a state banking sector that accounts for some 70 percent of India's banking assets. It was here, according to accounts from Punjab National Bank executives and government investigators, that a ...

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First Published: Mon, February 19 2018. 07:30 IST
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