Report­ed one of India's larges­t bank fraud,the case has stunne­d financ­ial market­sIndian billionaire jeweler Nirav Modi, one of the prime accused in the country’s largest ever bank fraud, denies allegations leveled against him by Punjab National Bank (PNB), his lawyer said on Tuesday. Indian bank reports $1.8-bn fraud at single branchAggarwal, speaking by telephone, declined to comment on where Modi was. Five bank officials, including the two at the Mumbai branch, have been arrested. The fraud case has stunned financial markets and it sent PNB shares tumbling for a fifth straight trading day on Tuesday. Separately, in a letter to PNB officials, Modi stated that his companies owe the bank under Rs50 billion ($775.25 million), much lower than the amount alleged by the bank.

Source: The Express Tribune February 20, 2018 09:33 UTC