Timeline to the Discovery of India's Biggest Ever Bank Fraud

Here’s the timeline of events that led to the Punjab National bank fraud.

Nirav Modi is at the centre of the Rs 11,400 crore PNB scam. (Photo: Altered by The Quint)

(Bloomberg) -- India’s second-largest state-run lender this month disclosed it has been hit by the nation’s biggest ever bank fraud.

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.

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.

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