It has been almost three weeks since Punjab National Bank (PNB) went public with the Nirav Modi / Geetanjali Gems (Mehul Choksi) issue. Reams have been written about various facets of the entire episode and may continue in days to come. There has been an intense debate in media and public domain, and the whole episode has been variously classified as fraud, open loot of public money, misdemeanor and Niravgate etc , but there are many core process issues which are still not clear. For the uninitiated, let’s try to decipher what has happened and what is yet unanswered. On February 14, 2018 PNB informed Bombay stock exchange that it had detected fraudulent transactions worth around Rs 11,380 crore (USD 1.77 billion) put through its Mid Corporate branch at Brady House, Mumbai. It further said that the Bank has already lodged a complaint with Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) implicating celebrity Jewelers and Diamantaires Nirav Modi (NM)