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Fraud and graft in India and China weakening their economies: studies

In India, it is estimated that potential losses from the alleged loan fraud involving billionaire diamond jeweller Nirav Modi's gem companies (above) has risen by US$200 million to US$2 billion.

In China, Anbang chairman Wu Xiaohui (above), has been charged with economic crimes.


THE failure of the Chinese and Indian authorities to clear up fraud and corruption has weakened both their economies.

China's so-called "shadow banking" comprising complicated, unregulated loans and wealth products, are widely regarded as the economy's Achilles heel.


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