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Nirav Modi's alleged fraud came to light only after he failed to secure fresh loans to service his existing debt. And, the news of the purported crime committed by Modi and Gitanjali Gems groups has once again brought the issue of illegitimate havala channels and round tripping of diamonds centre stage.
Diamond business is predominantly involved in imports and then exports. Round Tripping is the practice of traders exporting the same stock of polished diamonds multiple times to borrow from banks against the receivables at a lower interest rate.
India is the biggest processor of rough diamonds globally. In 2017-18
