The billionaire who allegedly swindled $1.8 billion from an Indian bank

Diamond trade wasn’t 47-year-old billionaire Nirav Modi’s primary career choice. He wanted to become a music conductor as a young man, and going by the recently made allegations (pdf) regarding his involvement in the Punjab National Bank (PNB) fraud, it looks like he made at least some bankers dance to his tunes.

On Feb. 14, India’s second largest state-owned lender, PNB informed the stock exchanges (pdf) that it had detected a $1.77 billion fraud.

As the day unfolded, reports emerged that the bank had filed two complaints against Modi with India’s top investigation agency, the Central Bureau of Investigation, for carrying out fraudulent transactions. An earlier first information report (FIR) filed against Modion Jan. 31 also alleged that he, along with his maternal uncle Mehul Choksi, chairman of jewellery retailer Gitanjali group, had duped PNB of Rs280 crore ($35.94 million).

Source: Qaurtz

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