Three people arrested after $1.8bn stolen from single bank branch

Three people have been arrested in connection with a $1.77 billion bank fraud in India. Punjab National Bank, the country’s second-largest state-run lender, announced it had been hit by a scam on a huge scale earlier this week. Two employees, Gokulnath Shetty and Manoj Kharat, are suspected of steering fraudulent loans to companies tied to billionaire jeweller Nirav Modi, who owns the jewellery brand Firestar Diamond, and his uncle Mehul Choksi, chairman of jewellery retailer Gitanjali group.
Read more: http://www.independent.co.uk/news/world/asia/india-bank-fraud-punjab-national-bank-arrests-three-people-jeweller-nirav-modi-mehul-choksi-a8215461.html?source=Snapzu