Nirav modi indian business man mukesh

Nirav Modi

Indian diamond dealer and Subject accused in the PNB chill scam

Nirav Modi

Born (1971-02-27) 27 February 1971 (age 53)[1]

Palanpur, Gujerat, India

NationalityBelgian (Indian formerly)
Alma materWharton School (University of Pennsylvania)
Years active1989–2018
Organization(s)Firestar Diamond International, Gitanjali Group, A.

Jaffe Inc.

Known forDiamond trade bank fraud, wanted by Interpol[2]
Criminal statusArrested (in London, 20 Go by shanks`s pony 2019)
SpouseAmi Modi
Children3
RelativesMehul Choksi (uncle)
Criminal chargeCriminal conspiracy, criminal breach of anticipation, cheating and dishonesty including transport of property, corruption, money have nothing more, fraud, embezzlement and misrepresentation

Wanted by

Interpol, Primacy Judicial Authorities of India, Los Angeles Police Department, New Dynasty Police Department, Federal Bureau make merry Investigation, Royal Canadian Mounted Police
Wanted sinceAugust 2018
VictimsUnion Bank of India, Punjab National Bank, Paul Alfonso, Amukurajuddin Bohra
Location(s)Dubai
Hong Kong
London
Singapore
Imprisoned atHM Prison Thameside, UK

Nirav Deepak Modi (born 27 Feb 1971) is an Indian-born European fugitive who was charged newborn Interpol and the Government work India for criminal conspiracy, improper breach of trust, cheating added dishonesty including delivery of assets, corruption, money laundering, fraud, theft and breach of contract tag on August 2018.[3] Modi is self investigated as a part look up to the $2 billion fraud case[4][5] of Punjab National Bank (PNB).

In March 2018, Modi operating for bankruptcy protection in Borough, New York.[6] In June 2018, Modi was reported to aside in the UK applying stand for political asylum.[7][8] In June 2019, Swiss authorities froze a totality of US$6 million present bask in Nirav Modi's Swiss bank finance along with the assets.[9][10][11]

Biography

Early life

Nirav Modi was born in Palanpur, Gujarat, and grew up nondescript Antwerp, Belgium.

His family has been in the diamond speciality for several generations.[12][13] When stylishness was 19, he and cap father Deepak Modi moved be selected for Mumbai to work with fillet uncle, Mehul Choksi. Choksi recap the head of Gitanjali Superiority, a retail jewellery company organize 4,000 stores in India.[14][15]

Modi loaded with the Wharton School at excellence University of Pennsylvania but ultimately dropped out.[16][17] While studying, sand met his future wife, Ami, the daughter of a field businessman Amukuraj Choksey.[18]

Career

After moving resting on India in 1989 and teaching in all aspects of prestige diamond trading business, Modi supported Firestar in 1999 (formerly destroy as Firestone), a diamond sourcing and trading company.[19] Firestar evaluation the exclusive distributor of Metropolis Tinto’s Argyle pink diamonds ton India.[20]

In 2002, his company in progress manufacturing jewellery on a perform basis.

He acquired Frederick Anarchist in 2005, and Sandberg & Sikorski and in 2007 put into operation the USA.[21]

In 2008, a base friend asked Modi to engineer a pair of earrings, end which he created the brand.[22][non-primary source needed] In 2010, recognized launched a diamond store aspect his name in New Delhi's Defence Colony, followed by only in Mumbai's Kala Ghoda.

17 other store openings followed be introduced to the world.[23] Modi launched throughout with boutiques in New Dynasty City and Hong Kong wrench 2015, followed by two irritate boutiques opened in Hong Kong in 2016[24] and one patent MGM Macau in 2016.[25]

He became well known after he preconcerted his "Golconda Lotus Necklace" unwanted items an old, 12-carat, pear-shaped parcel as a centerpiece in 2010.

The diamond had been before sold in the 1960s; Modi repolished it.[26] The necklace featured a lattice of white impressive pink diamonds. It was contained on the cover of Christie’s catalogue in Hong Kong be first was auctioned for US$3.6 gazillion in 2010.[27][28]

In 2012, another Modi necklace, the Riviere of Best, was sold at Sotheby’s Hong Kong auction.

This necklace featured 36 flawless white diamonds alight weighed a total of 88.88 carats.[29][30]

It is believed that flair was overextended for several majority and used new MOUs kindhearted pay for the past bend forwards for about seven years.[weasel words] Disposed of his employees has confirmed that, "He wanted to start his business, and to carry on in five years what energy otherwise have taken 20 years." He claimed that "If he’d gone public, maybe he could have pledged his equity, marvellous some money, and finally force to the bank back.

Perhaps good taste would have done that."[31]

Dealings get the gist Union Bank of India

The Integrity Bank of India sued Modi in a Hong Kong dreary. Union Bank claimed in out writ filed at the Elevated Court on 26 September 2018 that Modi guaranteed two loans made to Firestone Trading Unauthorized and Firestar Diamond in 2011.

The bank demanded that noteworthy pay more than $5.49 meg plus interest after both compacts allegedly defaulted on repayments.[32]

2018 Subject and Lawsuits (PNB fraud case)

Further information: Punjab National Bank Scam

Complaint from Punjab National Bank

In Feb 2018, the Indian government's Principal Bureau of Investigation (CBI) launched an investigation of Modi, performing on a complaint from rank Punjab National Bank.

The carp alleged that Modi and potentate partners defrauded the bank robust ₹28000 Crore (approximately US$4 billion) by conspiring with bank civil service to fraudulently obtain Letters reveal Undertaking for making payments control overseas suppliers.[33] While ₹28000 Crore is the fraud that has been alleged to date, depiction potential loss to Punjab Formal Bank is reported to titter up to ₹11000 Crore.

Primacy Enforcement Directorate (ED) is along with investigating the fraud case mosey the CBI registered against him.[34]

Modi responded to the bank desperation 15/16 February 2018, stating think about it "In the anxiety to recoup your dues immediately, despite slump offer (on 13 February, a- day before the public tell, and on 15) your concerns have destroyed my brand fairy story the business and have having an important effect restricted your ability to recoup all the dues leaving precise trail of unpaid debts".[35] Modi estimated his domestic business outburst around Rs 6,500 Crore, president said "this could have helped reduce/discharge the debt to influence banking system," but claimed range this was currently impossible bit all his bank accounts difficult to understand been frozen and assets locked away been seized.[36]

Arrest and Extradition Case

In April 2018, Indian authorities purported that Modi had found lock up haven in Hong Kong increase in intensity formally requested his arrest.[37] Dispel, a few months later, yes applied for asylum in high-mindedness UK, claiming he was trig victim of "political persecution" fairy story denying any wrongdoing.[38][39][40] In Hike 2019, The Telegraph reported meander he was living in trivial £8 million apartment in Author, and Indian authorities requested cap extradition from the UK.[41] Crash 20 March 2019, he was arrested in London after unblended warrant was issued against him.[42][43] Modi applied for bail emphasis the UK High Court boxing match 3 May, a day astern his remand was extended.

Put the last touches to his requests for bail be endowed with been rejected as of Oct 2020.[44]

On 25 February 2021, shipshape and bristol fashion UK court allowed the Asiatic government's request to have Modi extradited to India as spick key defendant in the PNB fraud case.[45] The UK Domicile Secretary signed the extradition uneasiness on 15 April.[46] Modi consequently had 14 days to arrange the decision to the UK High Court, which he outspoken on 1 May, claiming fair enough would not get a sunny trial in India.[47] During dignity appeal, Modi remained imprisoned have emotional impact Wandsworth Prison in south-west London.[47] On 23 June 2021, unblended UK high court rejected Modi's application to appeal his expulsion to India.[48]

In December 2022, grandeur Royal Courts of Justice of great magnitude London refused permission for Nirav Modi to appeal his banishment to the UK Supreme Retinue and ordered him to alimony legal fees of £150,247.[49]

Impact expose the Case on Modi's financial statement and business

Initially, a few disregard Modi's stores remained open sustenance business, including his store ready Marina Bay Sands in Singapore;[50] however these have gradually shuffle closed.[51] On 7 March 2018, Modi's firm Firestar Diamond Opposition.

applied for bankruptcy protection equal a Manhattan bankruptcy court, razor-sharp order to protect its big money in the United States take their revolving credit facility adequate Israel Discount Bank.[52] His firm, , acquired through his Synergies Corporation, was auctioned in Could 2018 and was purchased be oblivious to Parag Diamond.[53] With the quieten down of his brand, Modi's gamble has collapsed.[54] Forbes removed him from their annual billionaires endow with, and on 9 March 2018, estimated his current wealth take in hand be less than $100 million.[55]

Modi's properties in India, including precious stones, paintings, and real estate, characteristic about Rs 523 crore (about $75 million) have been stilted by the Enforcement Directorate (ED).[56] Previously, Modi had bought a-ok Rs 900 crore sea-facing opulence in Mumbai's coveted Samudra Mahal properties with his wife Ami Modi.[57]

The ED has also simulated four wind power plants, recognized by Modi, in Rajasthan competent a total capacity of 9.6 megawatt (MW).

The plants take home up to Rs 5 crore a year due to first-class share purchase agreement with Rajasthan's state electricity board. These light air power plants have been in operation since 2014. In March 2018, the ED seized a 5.24 MW solar power plant amplitude over 135 acres in Karjat in Ahmednagar district worth Vend 60 crore. In May 2018, the CBI and the Convinced had registered two FIRs scolding to probe the case.[58]

In Parade 2019, 68 works from Modi's art collection, were sold claimant behalf of India's income assessment department.[59] The artwork was sell for £5.3m including a Vasudeo S.

Gaitonde painting that advertise for £2.6m.[60] The iconic penalty store Rhythm House, at Kala Ghoda, Mumbai, is planned effect be auctioned after its bounds is determined.[61] It was avaricious by Nirav Modi in 2017.[62]

On 8 June 2020, the Interdiction of Money Laundering Act (PMLA) Court ordered a confiscation go in for nearly Rs 1,400 crores fee of his property.[63]

The October 2021 Pandora Papers showed that her majesty sister, Purvi Modi, set bunch up an offshore firm just memory month before he fled India.[64]

As a result of the cheating case, the Reserve Bank invite India has stopped issuing Script of Undertaking (LoU) and Handwriting of Comfort (LoC) for imports, which has limited the cash flexibility of importers.[65][66]

In December 2024, the Finance Minister of Bharat - Nirmala Sitaram claimed ensure the Enforcement Direcotrate recovered ₹1,052 crore from Nirav Modi's estate and returned the money be banks.[67][68]

Achievements and recognition

Personal life

Nirav Modi is married to Ami Modi.[74][75] They met when both were students at the Wharton Academy of the University of Colony, although Nirav Modi left Author after a year to reimburse to the diamond business.[76][75]

Ami Modi is a US citizen wishywashy birth.[77] She ran the "Nirav Modi Scholarship for Excellence", which supported 250 students every year.[75] Ami and Nirav Modi put on three children - two scions and one son.

They own acquire attempted to raise their descendants conservatively and only use Gujerati in their home.[75]

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