It was supposed to be the crowning achievement of Malaysian tycoon T. Ananda Krishnan’s five-decade career. But his $7 billion bet on mobile carrier Aircel Ltd. may instead go down as one of the biggest-ever flops by a foreign investor in India, a stark reminder that doing business in the world’s fastest-growing major economy is often a lot tougher than it looks, Bloomberg News reported.

Federal police in India on Thursday told a court an internal auditor at a Mumbai branch of Punjab National Bank conspired with other officials to carry out a $2 billion fraud at the country’s second-biggest state lender. The Central Bureau of Investigation (CBI) on Wednesday arrested auditor Mohinder Kumar Sharma, widening its probe into the biggest bank fraud in India’s history, Reuters reported. On Thursday it accused Sharma of conspiracy in a filing to a Mumbai court, which committed him to police custody until March 13.

Murat Ulker, Turkey’s richest man and owner of Godiva chocolates and McVitie’s biscuits, said he met with five bank bosses to renegotiate as much as $7 billion of debt for his company Yildiz Holding AS, Bloomberg News reported. “We spoke about many details,” Ulker said, adding that he was “moved” and “pleased” at the support he received from the bank bosses. The meeting was held on Tuesday evening in Istanbul. Ulker and the bank chiefs discussed how they were committed to resolving the debt issue, but didn’t go into details of any restructuring or new facility, according to the Yildiz boss.

The Central Bureau of Investigation (CBI) on Thursday interrogated Punjab chief minister Amarinder Singh’s son-in-law, Gurpal Singh, in connection with Simbhaoli Sugar loan default case, Mint reported. The Enforcement Directorate (ED) has registered a money laundering case against Simbhaoli Sugars Ltd and its executives in connection with an alleged bank loan fraud of Rs97.85 crore, officials said on Thursday. A case was registered by the ED under the Prevention of Money Laundering Act (PMLA) and the searches were conducted by it in Hapur and Noida on Wednesday.

Noble Group Ltd. posted a full-year loss of $4.94 billion for 2017 and warned that further writedowns may yet be in store as the commodity trader battles to survive, with executives pressing ahead with a debt-for-equity rescue plan that’s facing increased resistance, Bloomberg News reported. “Further additional non-cash valuation adjustments may be recorded,” the company said in a statement in Singapore. The final figure compares with a range of $4.78 billion to $4.98 billion given in a warning last week.

Indian mobile carrier Aircel Ltd filed for bankruptcy on Wednesday, pressured by a high debt pile and mounting losses following a price war triggered by a telecom upstart, Reuters reported. Talks between Aircel, 74 percent owned by Malaysia’s Maxis Communications Bhd, and Reliance Communications Ltd (RCom) to combine their wireless business was called off in late 2017 due to regulatory and legal uncertainties and interventions by various parties. Aircel, whose debt amounts to 155 billion rupees ($2.38 billion), then tried unsuccessfully to restructure its debt.

Toshiba’s $18bn sale of its prized memory chip business as it struggles to survive a financial crisis has shattered a long-standing taboo of corporate Japan, prompting companies to consider sales of assets once thought sacred. The cultural change, say M&A bankers, is poised to produce a rapid acceleration of asset sales, as private equity buys more deeply into the Japanese market and as corporate chiefs stop feeling they are losing face by divesting businesses or stakes that are no longer worth keeping, the Financial Times reported.

Debt-laden Chinese conglomerate HNA Group Co. has given its creditors cause for concern in recent months, but its international bondholders are finding some comfort in guarantees provided by the local parent company. The structure means that overseas investors would in theory have a direct claim against the Chinese-based entity in the event of any default or bankruptcy proceeding, Bloomberg News reported.

One of Noble Group Ltd.’s top shareholders has stepped up its criticism of the commodity trader, describing expected losses as “shocking” and warning that the billions in red ink may pile more pressure on investors to agree to a debt-for-equity rescue plan, Bloomberg News reported. The net losses will “erode what little cash Noble has left, and puts further pressure on stakeholders to accept the restructuring proposal,” Goldilocks Investment Co. said in a statement on Tuesday, referring to more writedowns on derivatives contracts as well as fourth-quarter losses on its core business.

When the China Insurance Regulatory Commission announced last week that it was seizing Anbang Insurance Group Co., the only surprise was that it took so long, a Bloomberg View reported. Last year, the company was told to sell its overseas assets, its founder was placed behind bars, and banks were ordered to stop offering its products. So what, if anything, does this latest incident tell us about China's economy and its attempt to crack down on debt? Anbang is often referred to as an insurance company, but this is misleading.