New Delhi: Actress Priyanka Chopra has decided to cut ties with billionaire diamond trader Nirav Modi's brand following the news about the alleged banking fraud carried out by him.

"In the light of recent allegations, Priyanka Chopra has chosen to terminate her contract with the Nirav Modi brand," a spokesperson of Priyanka, who was the global brand ambassador for Nirav Modi, said in a statement issued on Friday.

As the news about the multi-crore scam involving Nirav Modi came to light earlier this month, a statement from the actress read that she was seeking legal opinion on her contract. There were also speculations that she is suing the brand for non-payment of dues. But her spokesperson denied this.

The termination news comes in the wake of after actresses Kangana Ranaut and Bipasha Basu accusing Mehul Choksi-owned Gitanjali Group of breaching the contracts with them and not paying their dues.

Nirav Modi and his uncle Mehul Choksi, along with the directors of the Nirav Modi and Gitanjali groups, are under investigation by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) for an alleged Rs 11,300 crore fraud on Punjab National Bank through illegal use of Letters of Undertaking and Foreign Letters of Credit to raise and roll over money.

Both Nirav Modi and Choksi are said to have left the country, along with their family members, in early January.