In a big jolt to the Indian banking sector, the Central Bureau of Investigation (CBI) received two complaints from Punjab National Bank (PNB) against Nirav Modi, alleging fraudulent transactions to the tune of Rs 11,292 crore. In a statement, PNB said it has detected fraudulent and unauthorised transactions "for the benefit of few select account holders with their apparent connivance". The bank suspended 10 officials in connection with the case – and referred the matter to the CBI on 14 February, ANI reported.

These two complaints come just a few weeks after an alleged fraud of Rs 280 crore was reported against Modi and others in January. The CBI had registered an FIR in the case on 31 January. However, the Enforcement Directorate (ED) acted on that complaint soon after the two fresh complaints were received by the CBI. On Wednesday, the ED registered a money laundering case against the billionaire jeweller.