The diamond jewellery market is close to $5.5 billion in India, and the brand is seeing a rising demand for high-quality solitaire diamonds.
The raids at official and residential premises of Nirav Modi and kind on February 3 and 4 yielded 95 documents, including import bills and applications relating to imports.
Clearly, $1.77 billion is the amount that Modi and his firms borrowed since 2011 but what's unclear is the outstanding exposure and how much of it was actually repaid.
Nirav Modi's wife Ami, a US citizen, left on January 6 and his uncle and business partner Choksi, the promoter of Gitanjali jewellery chain, left on January 4.
PNB reports a massive black hole in books, two-times government’s cash infusion size, pegs it at Rs 11,363 crore
Finger of suspicion on billionaire jewellery designer Nirav Modi and Gitanjali Gems; more banks may be hit as they gave loan on PNB’s letters of undertaking
Punjab National Bank cautions other banks about modus operandi of Rs 11,400 crore fraud linked to Nirav Modi case
CBI sources say Nirav Modi, his wife, brother and others worked with bank officials to illegally obtain Letters of Undertaking, which were cashed overseas from different banks, both private and public