India is paying the price for its obsession with billionaires
Indians are furious over a $1.8 billion bank fraud case involving Nirav Modi, a billionaire and the man whom Vanity Fair called (in an astonishingly poor sense of timing) “the atelier of India’s most ambitious luxury jewelry brand”.
The diamond merchant, who boasts showrooms from Mumbai to Macau, and whose ornaments have bedazzled such stars as Kate Winslet and Bollywood actress Priyanka Chopra, is accused of conniving with employees of Punjab National Bank (PNB), the country’s second largest state-owned bank, to create fake letters of undertaking against which he and his uncle Mehul Choksi were able to raise millions of dollars in loans from banks outside India.… Seguir leyendo »