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The CBI has booked billionaire diamond merchant Nirav Modi, his brother and wife and a business partner for allegedly cheating Punjab National Bank of over Rs 280.70 crore(approximately Dh160,535,113) during 2017, officials said.

The CBI has acted on a complaint from the Punjab National Bank, which alleged that Modi, his brother Nishal, wife Ami and Mehul Chinubhai Choksi, all partners of Diamon R US, Solar Exports, Stellar Diamonds, were in conspiracy with officials of the bank and cheated it, causing “wrongful loss”, the officials said.

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The response to an email seeking the company’s comments is awaited.

“The public servants committed an abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 280.70 crore (approximately Dh160,535,113) to Punjab National Bank during 2017,” the FIR has alleged.

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