Nirav Modi Under Investigation for Bank Fraud

RAPAPORT... India's Central Bureau of Investigation (CBI) has launched aprobe into billionaire jeweler Nirav Modi over allegations he defrauded a statebank of $44 million, Reuters reported. The Punjab National Bank complained to the CBI that Modi andothers had conspired with bank officials for financial gain, the report saidlast week. Earlier this month, the CBI raided Modi's home, as well as 21 locationslinked to his companies and those of others accused in the case, the newsorganization cited a spokesperson for the bureau as saying. The fact that the CBI is investigating and has registeredthe complaint does not mean the case will ever go to trial, the report noted,adding that the inquiry was in its early stages. Modi's diamond-retail firm, Firestar International Limited,"has no affiliation, legal or otherwise" with the case, the report cited acompany statement as saying. The CBI did not name Firestar in its accusations,Reuters said. Spokespeople for Modi and Firestar did not immediatelyrespond to Rapaport News' requests for comment.