Posted inIndiaSouth Asia

PNB fraud tipped to hit India’s gems and jewelry sector hard

The Punjab National Bank scam is expected to take the shine off India’s gems and jewelry business. The Mehul Choksi and Nirav Modi groups – both accused of defrauding the state-owned bank – were prominent jewelry retailers and closure of their businesses has far-reaching implications for the sector. The absence of these two companies is expected […]