298
Fashion Jobs
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
L'OREAL GROUP
Retail And Education Manager
Permanent · HONG KONG
TORY BURCH
Senior Manager, Retail Training, Asia
Permanent · HONG KONG
By
AFP
Published
May 14, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

Indian police charge jeweller over bank fraud

By
AFP
Published
May 14, 2018

Indian investigators filed the first charges Monday in a huge fraud case involving billionaire jeweller Nirav Modi and the state-run Punjab National Bank, officials and reports said.


Nirav Modi- Facebook



A spokesman for the Central Bureau of Investigation (CBI) confirmed to AFP that a charge sheet had been filed in a Mumbai court over the alleged $1.8 billion scam, which has shaken India's corporate world.

Charges were laid against Modi and several senior bank officials over the alleged fraud, according to officials cited by the Press Trust of India (PTI).

The news agency said those charged included Punjab National Bank's former chief Usha Ananthasubramanian, who is now CEO of Allahabad Bank.

The CBI is investigating allegations that Modi and his uncle and business partner Mehul Choksi, a diamond merchant, defrauded Punjab National Bank, India's second-largest state-run bank, of 2.8 billion rupees ($43.8 million).

This figure is said to be just a part of the total losses.

The Punjab National Bank (PNB) said in February that Modi and Choksi had defrauded it by raising credit with international branches of other Indian banks, using illegal guarantees provided by rogue PNB employees.

The federal investigation agency has arrested 19 people for enabling the defrauding of the bank with forged documents. Modi and Choksi are still on the run and believed to be abroad.

Modi, the third generation of his family to go into the diamond trade, is worth $1.73 billion according to Forbes, placing him 85th on India's rich list.

The 47-year-old's high-end eponymous Nirav Modi brand has stores in several of the world's major cities.

India's government is trying to reduce the crippling debts of the country's embattled state banks, including the Punjab National Bank.

It recently announced a $32-billion recapitalisation plan to help them clean up their books ahead of the general election in 2019.Mumbai, May 14, 2018 (AFP)

Copyright © 2024 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.