Before PNB fraud: Nirav Modi, Choksi left 18 businessmen, 24 firms bankrupt

Eighteen businessmen and 24 firms who had taken the franchise of Modi and Choksi's jewellery brand ended up filing criminal complaints of financial bankruptcy

The Punjab National Bank (PNB) and other public sector lenders aren't the only entities that got hit by Nirav Modi and Mehul Choksi, in a Rs 114 billion fraud that was unearthed at PNB recently. Over two dozen firms and 18 businessmen who had taken franchise of Nirav Modi and Mehul Choksi's jewellery brand between 2013 and 2017 also reportedly found themselves at the receiving end of frauds committed by the duo -- with the cases involving amounts upto Rs 200 million (Rs 20 crore). 

Eighteen businessmen and 24 companies who had taken the franchise of Modi and Choksi's jewellery