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Don’t think this has anything to do with demonetisation. All this was probably triggered by impending retirement (may 2017) of an bank employee at that time, since the guy was retiring Nirav modi and co got greedy and tried to encase large number of LOU in a short period of time.

Just to be clear.... Not paying loan back is not a fraud. Getting the loan approved via illegal methods and fleeing the country is fraud.

CBI FIR is for 4886.72 crores.... ED seized 5674 crore... ED conducted further searches at 21 locations across India in Nirav Modi case & seized diamonds, gold, precious stones/ metals & jewellery worth Rs 25 crore (Book Value). Total seizure till now is Rs 5674 Crore.