#Modo loan plus

In February 2018, the Indian government's Central Bureau of Investigation (CBI) launched an investigation of Modi, acting on a complaint from the Punjab National Bank alleging Modi and his partners defrauded the bank of ₹28000 Crore (approximately US$4 billion) by conspiring with bank officials to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers. 2018 Investigation and Lawsuits (PNB fraud case) įurther information: Punjab National Bank Fraud Case, 2018

#Modo loan plus

The bank demanded that Nirav Modi pay more than $5.49 million plus interest after both firms allegedly defaulted on repayments.

Union Bank claimed in a writ filed at the High Court on 26 September 2018 that Nirav Modi guaranteed two loans made to Firestone Trading Private on 21 October 2011 and Firestar Diamond on 15 November 2011. The Union Bank of India sued Nirav Modi in a Hong Kong court. Perhaps he would have done that.' Dealings with Union Bank of India One of his employees has stated that, 'He wanted to grow his business, and to do in five years what might otherwise have taken 20 years.' He claimed that 'If he’d gone public, maybe he could have pledged his equity, raised some money, and finally paid the bank back. It is believed that he was overextended for several years and used new MOUs to pay for the past ones for about seven years. In 2012, the Riviere of Perfection, featuring 36 flawless white diamonds weighing a total of 88.88 carats, was sold at Sotheby’s Hong Kong auction. It was included on the cover of Christie’s catalogue in Hong Kong, and was auctioned for US$3.6 million in 2010. It featured a lattice of white and pink diamonds. The diamond was earlier sold in the 1960s it was repolished. He became well known after he designed his 'Golconda Lotus Necklace' with an old, 12-carat, pear-shaped diamond as a centerpiece in 2010. Nirav Modi launched globally with boutiques in New York City and Hong Kong in 2015, followed by two other boutiques opened in Hong Kong in 2016. 17 other store openings followed across the world. In 2010 he launched a diamond store bearing his name in New Delhi's Defence Colony, followed by one in Mumbai's Kala Ghoda. In 2008, a close friend asked Nirav Modi to make a pair of earrings, after which he created the brand. He acquired Frederick Goldman in 2005, and Sandberg & Sikorski and A.Jaffe in 2007 in the USA. In 2002, his company started manufacturing jewellery on a contract basis. Firestar is the exclusive distributor of Rio Tinto’s Argyle pink diamonds in India. Career Īfter moving to India in 1989, and training in all aspects of the diamond trading business, he founded Firestar in 1999 (formerly known as Firestone), a diamond sourcing and trading company. While studying, he met his future wife, Ami, the daughter of a diamond businessman Amukuraj Choksey. Modi attended the Wharton School at the University of Pennsylvania but eventually dropped out. When he was 19, he and his father Deepak Modi moved to Mumbai to work in his uncle's business, Mehul Choksi, the head of Gitanjali Group, a retail jewellery company with 4,000 stores in India. His family has been in the diamond business for several generations. Nirav Modi was born in Palanpur, Gujarat, and grew up in Antwerp, Belgium. 3 2018 Investigation and Lawsuits (PNB fraud case).

In June 2019, Swiss authorities froze a total of 6 million US dollars present in Nirav Modi's Swiss bank accounts along with the assets. In June 2018, Modi was reported to be in the UK where he reportedly applied for political asylum in Britain. In March 2018, Modi applied for bankruptcy protection in Manhattan, New York. Modi is being investigated as a part of the $2 billion fraud case of Punjab National Bank (PNB) and is also being sued in the State of California for US$4.2 million for defrauding Los Angeles entrepreneur, Paul Alfonso, over two custom diamond engagement rings that turned out to be lab diamonds. Nirav Deepak Modi (born 27 February 1971) is a fugitive Indian businessman, charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract in August 2018. Union Bank of India, Punjab National Bank, Paul Alfonso Interpol, The Judicial Authorities of India, Los Angeles Police Department, New York Police Department, Federal Bureau of Investigations, Royal Canadian Mounted Police