PNB Fraud: Nirav Modi's home, showrooms and offices in Delhi and Mumbai were raided on Thursday.
New Delhi: Nirav Modi,
the name on glossy billboards promising exclusive diamond jewellery, is now at the centre of a colossal banking scandal involving fraud worth Rs 11,000 crore. Punjab National Bank has said that its own officials violated rules and put out illegal guarantee documents
to help the celebrity jeweler secure credit from banks abroad. Last month, he was seen in a group photo of industrialists with Prime Minister Narendra Modi on the fringes of a World Economic Forum in Davos. Nirav Modi was already a big name by the time A-lister Kate Winslet wore his necklace to the 2016 Oscars.