Nirav Modi. Firestar Diamond’s bankruptcy filing comes as PNB disclosed that fraudulent transactions could be $204 million more than the previously estimated $1.8 billion. Photo: MintThe international jewellery business that’s part of the empire controlled by Nirav Modi, a billionaire accused of masterminding India’s biggest bank fraud, has filed for bankruptcy in the US just as the Indian lender revised up its fraud estimate. The Indian banks who’ve reported exposure to the fraud didn’t reply to emails sent Tuesday in Mumbai. PNB alleges that the duo and their associates worked with some rogue PNB employees and used fake guarantees to obtain loans from abroad.

Source: Mint February 27, 2018 06:33 UTC