India Seizes Over 10 000 Luxury Watches From Billionaire Nirav Modi Accused Of Bank Fraud
An Enforcement Directorate official elaborated on the watches’ significance in connection with the case, telling reporters that they “might have been imported for gifting purpose also.” Punjab National Bank, the second largest state run bank in India, was allegedly defrauded of the equivalent of $1.8 billion by Modi, who claims in a recent letter to management of the bank that he actually only owed $775 million. Despite the seizures of his property, Modi has not yet, as of this writing, been charged with a crime instead only being subject to a passport cancellation and a threat of serious legal repercussions if he doesn’t adequately respond to investigators....