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Never dealt with Nirav, Choksi, they always paid dues late: Diamond traders

The financial sector was stunned when Punjab National Bank said in mid-February it was the victim of a $1.77 billion fraud

Reuters  |  SURAT, India /BENGALURU 

Some diamond merchants in India's biggest centre for trading the precious gemstones say they had stopped dealing with Nirav Modi and his uncle Mehul Choksi - two big-name jewellers accused of massive bank fraud - because they were often slow to pay dues. The financial sector was stunned when Punjab National Bank said in mid-February it was the victim of a $1.77 billion fraud - a figure that has since risen to nearly $2 billion. The second-largest state bank blamed Modi and Choksi, accusing them of conspiring with bank employees to obtain fraudulent credit overseas. Both deny any ...

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First Published: Thu, March 01 2018. 20:48 IST
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