Nirav Deepak Modi is an Indian businessman, charged by Interpol and the Government of India. Modi is being investigated as a part of the USD 2 billion fraud case of Punjab National Bank. He is also being sued in the State of California for defrauding Los Angeles entrepreneur, Paul Alfonso, over two custom diamond engagement rings that turned out to be lab diamonds.
About Nirav Modi in brief
Nirav Deepak Modi is an Indian businessman, charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty. Modi is being investigated as a part of the USD 2 billion fraud case of Punjab National Bank. He is also being sued in the State of California for defrauding Los Angeles entrepreneur, Paul Alfonso, over two custom diamond engagement rings that turned out to be lab diamonds. In March 2018, Modi applied for bankruptcy protection in Manhattan, New York. Modi was reported to be in the UK where he reportedly applied for political asylum in Britain. In June 2019, Swiss authorities have frozen a total of 6 million US dollars present in Nirav Modi’s Swiss bank accounts along with the assets. A few of Modi’s stores initially remained open for business as usual, including one at Marina Bay Sands in Singapore, however these have gradually closed for business. On March 7, 2018, Firestar Diamond Inc.
applied for Chapter 11 bankruptcy protection. The Enforcement Enforcement Directorate is looking into the case of fraud that the CBI has registered against Modi. The Union Bank of India sued Modi in a Hong Kong court. In February 2018, the Central Bureau of Investigation launched an investigation of Modi, acting on a complaint from the Punjab National National Bank alleging Modi and his partners defrauded the bank of ₹28,000 Crore by conspiring with bank officials to obtain Letters of Undertaking for making payments to overseas suppliers. While the potential fraud has been alleged to date, the potential loss to Punjab National bank is reported to be up to €11,000 crore. He became well known after he designed his Golconda Lotus Necklace with an old, 12-carat, pear-shaped diamond as a centerpiece in 2010. In 2012, the Riviere of Perfection, featuring 36 flawless white diamonds weighing atotal of 88 carats, was sold at Sotheby’s Hong Kong auction.
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This page is based on the article Nirav Modi published in Wikipedia (as of Dec. 19, 2020) and was automatically summarized using artificial intelligence.
