Diamantaire Nirav Modi's uncle-business partner Mehul Choksi

Axis Bank, one of the two private banks, other being ICICI, summoned for questioning over loans issued to Nirav Modi's uncle Mehul Choksi, had been fined Rs 2.64 crore in 2016-17 by the Financial Intelligence Unit (FIU) for not following procedures to keep a check on money laundering and cash withdrawals beyond permissible limits. Experts and lawyers say had checks been in place, Choksi could never have got the huge loans.