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White Collar Journal (March 2018)

On February 14, 2018, Punjab National Bank (“PNB”) declared to the Securities Exchange Board of India that it has detected certain fraudulent transactions worth more than INR 127 billion (approximately 1.95 billion USD) in a few accounts in one of its branches in Mumbai. The accused primarily include several firms and companies promoted by Mr. Nirav Modi (“Nirav Modi Group”) and Gitanjali Gems Limited and its related companies promoted by Mr. Mehul Choksi (“Gitanjali Group”).

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