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Revealed: How jewellers scam banks Nirav-Modi style

As the epic Rs 12,600-crore fraud tied to diamond industry rippled through the country's banking sector, an India Today investigation has unearthed what appears to be a massive round-tripping of precious gems to secure credits fraudulently from state-run lenders.

The investigation in the financial hub of Mumbai revealed how unscrupulous diamond merchants ship the same stocks back and forth to rip off government banks with inflated valuations in their books.

According to RBI estimates, Indian banks have a combined exposure of $11 billion to the gems and jewellery industry.

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Video: Vijay takes oath as Tamil Nadu CM amid loud cheers and chants

TVK leader C Joseph Vijay on Sunday took oath as the Chief Minister of Tamil Nadu amid a sea of supporters, his friends and family, and several political leaders. Eight other TVK leaders were sworn in besides him, as ministers in the new government. Congress leader Rahul Gandhi also attended the ceremony. The TVK managed to secure the Governor's nod to form the government after the Congress, the CPI, the CPI(M), the VCK, and IUML extended their support to the Vijay-led party for a colaition government.