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India's PNB seeks to soothe investors after uncovering massive fraud

Reuters  |  NEW DELHI 

By Manoj Kumar and Krishna N. DasNEW DELHI (Reuters) - Punjab National Bank, India's second-largest state-run lender, sought to soothe investors on Thursday after the discovery of a $1.77 billion scam at a single branch sent its shares plunging and raised fears about the scale of fraud in the sector.Investigators launched raids across Mumbai and New Delhi, targeting offices and homes linked to Nirav Modi, a billionaire jeweller and diamond merchant the bank has accused of being at the centre of the fraud.Modi, who has not spoken about the case so far, could not be reached for comment. His ...

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First Published: Thu, February 15 2018. 20:16 IST