Diamantaire group Sanghavi Exports defaults on IDBI Bank's mega loans of Rs 6,710 crore
Banking circles describe it as the "second biggest" default of its kind notched by a diamond industry entity after the infamous Punjab National Bank scam of around Rs 14,000 crore involving Mehul Choksi and Nirav Modi - erupted in early 2018, shaking the country's banking industry.