Market NewsNewsFitch, IMF and World Bank about the Modi fraud

Fitch, IMF and World Bank about the Modi fraud

The Rs 13,000 crore fraud at Punjab National Bank (PNB) allegedly by diamond czar Nirav Modi continues to get attention even after three months since the scam was uncovered on February 14, the Financial Express reported.

Fitch Ratings, International Monetary Fund (IMF) and World Bank have spoken about India’s biggest banking scam; however, they shared slightly different views. The scam at PNB became a sensational case as accused Nirav Modi and his uncle Mehul Choksi fled the country before it was uncovered, it went unnoticed for years, and the amount of fraud was too big. Currently, a multi-agency probe into the fraud is underway, said the Financial Express ?report.

Here’s what Fitch, IMF, World Bank have said about the fraud.

Read more here