February 16, 2018 / 7:31 AM / a year ago

Indian police conduct searches in widening probe in bank fraud case

A pigeon flies past the logo of Punjab National Bank outside a branch of the bank in New Delhi, India February 15, 2018. REUTERS/Adnan Abidi

NEW DELHI (Reuters) - India’s federal police have registered a case against jewellery retailer, Gitanjali, in a $1.77 billion fraud at state-run Punjab National Bank (PNB), a source at the Central Bureau of Investigation (CBI) said on Friday.

The CBI is conducting searches at 20 locations in six cities of the Gitanjali group of firms promoted by Mehul Choksi, the source said.

Choksi, managing director of Gitanjali Gems, along with billionaire jeweller and diamond merchant Nirav Modi are accused of being at the centre of the fraud involving PNB, the country second-largest state-run lender .

Reporting by Aditya Kalra

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