Indian police conduct searches in widening probe in bank fraud case

Gitanjali Gems

16/02/2018 07:00

NEW DELHI, Feb 16 (Reuters) - India's federal police have 
registered a case against jewelry retailer, Gitanjali, in a 
$1.77 billion fraud at state-run Punjab National Bank (PNB), a 
source at the Central Bureau of Investigation (CBI) said on 
Friday. 
    The CBI is conducting searches at 20 locations in six cities 
of the Gitanjali group of firms promoted by Mehul Choksi, the 
source said. 
    Choksi, managing director of Gitanjali Gems  GTGM.NS , along 
with billionaire jeweler and diamond merchant Nirav Modi are 
accused of being at the centre of the fraud involving PNB, the 
country second-largest state-run lender .  urn:newsml:reuters.com:*:nL4N1Q45DF 
     
 
 (Reporting by Aditya Kalra) 
 ((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters 
Messaging: nidhi.verma.thomsonreuters.com@reuters.net)) 
 
Keywords: PUNJAN NATL BANK FRAUD/GITANJALI GEMS