NEW DELHI, India — The $4.5 billion gems and jewelry export industry in India has been experiencing a meltdown over the last few days, leading to an outburst in banking and political circles. This follows a series of investigations set off by government agencies into the companies owned by jeweler and diamond retailer Nirav Modi in relation to an alleged $1.77 billion bank fraud.
Financial transactions by Modi, who has rapidly opened stores worldwide for his brand, and his maternal uncle, Mehul Choksi, chairman of prominent jewelry chain Gitanjali Gems, have unleashed questions around all the bank loans that are a cornerstone of the gems and jewelry industry as a whole.
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