Nirav Modi is claiming political asylum in Britain after India's second-largest state-run bank alleged that two jewellery groups headed by the billionaire and his uncle Mehul Choksi had defrauded it of about $2.2 billion.
It is alleged that companies linked to Nirav Modi and one of his relatives received credit worth nearly $1.8 billion between 2011 and 2017 using false guarantees in what is India's biggest banking scam.
The $1.77 billion fraud is the biggest scam in India's banking history and has so far resulted in three arrests in a case that involves billionaire jeweller Nirav Modi.
Indian state-run lender Punjab National Bank was hit by a $1.77 billion fraud, triggering a probe into the country's biggest-ever bank scam.
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