Indian investigators arrest three over bank fraud

Indian investigators have arrested three people who allegedly helped a billionaire jeweller obtain fake documents for overseas loans in one of the country''s biggest bank scams, an official said Saturday.
Investigators are looking into allegations that Nirav Modi and his business partner Mehul Choksi were involved in defrauding India''s second-largest state-run lender the Punjab National Bank (PNB) of 2.8 billion rupees ($43.8 million). The Central Bureau of Investigation (CBI) said it arrested Hemant Bhat, a business associate of Modi, and two PNB officials - former deputy manager Gokulnath Shetty and Manoj Kharat - in Mumbai late Friday. "All three arrests were made late last night.