Billionaire jeweller Nirav Modi denies allegations that he was involved in a Rs 11,400-crore loan fraud at Punjab National Bank (PNB), his lawyer told Reuters on Tuesday. Authorities have alleged Modi and others conspired with several employees of the state-run bank to fraudulently obtain advances for paying overseas suppliers. Vijay Aggarwal, a lawyer for Modi, said all transactions with PNB were documented and allegations made by the Central Bureau of Investigation were completely wrong.

Billionaire jeweller Nirav Modi denies allegations that he was involved in a Rs 11,400-crore loan fraud at Punjab National Bank (PNB), his lawyer told Reuters on Tuesday. Authorities have alleged Modi and others conspired with several employees of the state-run bank to fraudulently obtain advances for paying overseas suppliers. Vijay Aggarwal, a lawyer for Modi, said all transactions with PNB were documented and allegations made by the Central Bureau of Investigation were completely wrong.