Will Nirav Modi, Ranked 57th on the list of India’s billionaires in 2017 by Forbes with an estimated net value of $1.25 billion yet remain the host of the diamond houses of India? Founder and director of his brand named after him, Nirav Modi chain of luxurious diamond imitations inaugurated in 2010 after setting up of a diamond sourcing and trading company worth $2.3 billion today in 1999, Firestar diamond landed up in a party of Rs.114OO crore scam.
Nirav Modi has been set on a chase by the RBI after the Enforcement Directorate (ED) on Thursday subjected a raid on the properties of Nirav Modi in Mumbai, Surat, and Delhi and filed a case against money laundering. He is being accused of illegally acquiring the letter of undertaking from one of the branches of Punjab national bank in Mumbai to function credit from the Indian lenders.
“Based on these transactions other banks appear to have advanced money to these customers abroad. In the Bank these transactions are contingent in nature and liability arising out of these on the Bank shall be decided based on the law and genuineness of underlying transactions,” said the bank to the Business Today.
A suspension of 1O officers have been issued by the PNB under the scam of 114OO crore and the matter has been taken under the accountancy of the CBI. As per the media sources, Nirav Modi with his family left the country on the first of January, much before the complaint was filed on 29th January.
Nirav Modi wrote to PNB saying in a letter that he promises to repay the amount credited under his name as soon as possible but the bank authorities deny to believe the false promises.
“In the initial stage, most borrowers after being caught committing frauds send such letters to buy time. Ultimately, it is the long winding legal and regulatory battle. This is a tactic of buying the time we see in all fraud cases,” said a banker who chose to remain unidentified, as reported by the Economic Times.
Nirav Modi, a 48-year-old hostage of a leading diamond jewelry brand belongs to diamond merchant family of Gujarat, was born and brought up in Antwerp, Belgium. He is being closely associated with the Bollywood as well as Hollywood stars across the globe, including the fashion diva Priyanka Chopra as the brand ambassador of the Nirav Modi and the supermodel Lisa Haydon as the promoter of the brand, covering some of the popular magazines and newspapers. Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi are the partners of his brand who are also on a run along with Nirav Modi. His store launches have been graced by the celebrities like Naomi Watts and Coca Rocha with the US president Donald Trump. He also has his outlets in London, Hong Kong, and Macau. Now what seems interesting is that even after the scam, will Nirav Modi yet prevail the star of the diamond market?