NEW DELHI: India’s federal police detained two employees of Punjab National Bank (PNB), the state-run lender that says it has been the victim of a US$1.77bil fraud, in the first arrests in a fast-widening probe into the country’s biggest-ever bank scam.
Gokulnath Shetty and Manoj Kharat are suspected of steering fraudulent loans to companies linked to billionaire jeweller Nirav Modi and entities tied to jewellery retailer Gitanjali, which is led by Modi’s uncle, Mehul Choksi.
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