Things like this are never good for an "economic situation", but more from a confidence and support point of view rather than the finances defrauded making a difference, as they are multiple individual cases. This is concerning for India banking system though hopefully they get a hold on the situation. Do you have a link/reference to this OP?
PNB fraud: Interpol issues red corner notice against Nirav Modi, his brother and close aideThe International Criminal Police Organization (Interpol) on Monday issued a red corner notice (RCN) against diamantaire Nirav Modi in connection with the multi-crore Punjab National Bank (PNB) scam.
Along with Nirav Modi, Interpol RCN has been issued against his brother Neeshal Modi and close aide Subhash Parab in Rs 13,578 crore PNB scam.
https://timesofindia.indiatimes.com/business