Punjab National Bank: Two employees arrested as India probes loans’ fraud Police escort a man suspected of steering fraudulent loans to companies linked to billionaire jeweller Nirav Modi, at a court in Mumbai
FEDERAL police in India arrested two employees at Punjab National Bank believed to be at the centre of a staggering $1.77 billion fraud, a police source said today (17), in the first arrests so far in the country’s biggest-ever bank scam. The arrests late last evening (16) come amid an intensifying probe involving various authorities after India’s second-largest state-run lender said on Wednesday (14) it had been hit by massive fraud. The two bank employees who were arrested, Gokulnath Shetty and Manoj Kharat, are suspected of steering fraudulent loans to companies linked to billionaire jeweller Nirav Modi and to entities tied…
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