Nirav Modi. Photo: File

The Punjab National Bank (PNB), one of country's largest public sector lenders, found itself in the middle of a ₹11,400 crore transaction fraud case in February 2018. The bank had detected and informed the the Bombay Stock Exchange about some "fraudulent and unauthorised transactions" in one of its branches in Mumbai to the tune of $1771.69 million (approx). The CBI then received two complaints from PNB against billionaire diamantaire Nirav Modi and a jewellery company alleging fraudulent transactions worth about ₹11,400 crore. This was in addition to the ₹280 crore fraud case that Nirav Modi was already under investigation for, again filed by the PNB.

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