Anatomy of a $2 Billion Heist: The Nirav Modi - PNB Fraud Explained
The world knew Nirav Modi as a purveyor of luxury, a celebrity jeweller whose creations adorned global icons. His boutiques spanned continents, projecting an image of immense success. Yet, behind this glittering facade, as alleged by prosecutors, lay one of India's largest banking frauds – a nearly $2 billion heist orchestrated against the state-owned Punjab National Bank (PNB). This complex case, involving Modi and his uncle Mehul Choksi, unravelled over several years, exposing critical vulnerabilities within the banking system and offering stark lessons in fraud prevention and detection.The Key Players Nirav Modi: The high-profile jeweller and eponymous brand owner, positioned as the central figure in the alleged fraud. Mehul Choksi: Modi's uncle and chairman of the Gitanjali Group,...
