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Praveen Chakravarty: India's $1.8 billion jewelry scandal exposes a flawed banking system

Ties between business, bureaucrats and politicians remain too cozy

Nirav Modi at his office in Lower Parel, on August 9, 2016 in Mumbai, India   © Getty Images

India's latest financial scandal erupted when the state-controlled Punjab National Bank disclosed that it had been hit by "fraudulent and unauthorized transactions" and named celebrity jeweler Nirav Modi as the prime suspect.

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