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Nirav Modi PNB Scam - All questions answered and much more

It's been almost 4 days since India found it's second Vijay Mallya, yet not many of us have understood the answers to the entire How - What - When - Why series of questions. I went through a couple of sites, Whatsapp messages and realized that more or less the story remained the same.
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Here is one such site which explains the entire scam beautifully and in detail. An excerpt from the article:

The Scam, and How It Stands

Punjab National Bank announced a big fraud of Rs. 11,000 cr.+ in a surprise letter to the stock exchanges.And then, it apparently shot off a message to a bunch of banks, blaming a now retired employee for raising fraudulent Letters of Undertaking for over six years. And blaming the people who received the funds, companies owned by a jeweller named Nirav Modi, and in another case, those owned by Mehul Choksi, such as the publicly listed Gitanjali Gems. Nirav Modi is Choksi’s nephew. (As trivia: Nirav Modi’s brother, Nishal, is married to Ishita Salgaokar, who’s Dhirubhai Ambani’s grand-daughter through his daughter, Dipti)
Disclaimer : Read only and only if you have a lot of time to invest as well as interest.

https://capitalmind.in/2018/02/pnb-scam-nirav-modi/

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