Bigger India
India’s biggest bank scam could swell to $2 billion
A massive fraud at one of India's biggest banks could be even larger than initially thought.
The value of “unauthorized transactions” at Punjab National Bank, one of the country’s top state-run lenders, could rise by $204 million to around $2 billion, it said in a statement late on Monday.
Government officials have named jeweler Nirav Modi as a leading suspect in the fraud. Investigators have raided properties belonging to the billionaire diamond dealer, seized some of his assets and suspended his passport.