(Bloomberg) -- India’s second-largest state-run lender this month disclosed it has been hit by the nation’s biggest ever bank fraud.
ADVERTISEMENT
Billionaire jeweler Nirav Modi and his associates colluded with a rogue employee at Punjab National Bank to obtain fraudulent guarantees worth $1.8 billion dollars over seven years, PNB alleges. They then used these documents to obtain loans from lenders abroad, according to PNB’s complaint, which has been made public.
ADVERTISEMENT
As authorities try to contain the fallout from the scam, here’s a look at key dates in the road to discovery:
©2018 Bloomberg L.P.