PNB, the second-biggest public sector lender, stunned the country’s financial sector when it announced that it had discovered fraudulent transactions worth $1.77 billion at a single branch in Mumbai.On Jan 29, PNB filed a criminal complaint with India`s federal investigative agency against three companies and four people, including billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the managing director of Gitanjali Gems, saying they had defrauded PNB and caused a loss of 2.8 billion rupees ($43 million).
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