India has again shocked with one of the biggest fraud. It is a fraud of $1.77 billion at Punjab National Bank. This fraud is done by one of the richest men of India. He is Nirav Modi who deals in pearls and diamonds. Well.. this fraud is not limited to PNB but to other banks as well. After this fraud has been out, PNB has written to 30 banks asking them to investigate if they have faced similar frauds. Nirav Modi
Details about the fraud Nirav Modi
PNB has alleged that Nirav Modi along with former employee of PNB Gokulnath Shetty used fake PNB guarantees to obtain loans from the overseas branches of Indian banks. These people have fraudulently obtained the cash to import pearls. This truth revealed as when representatives of Modi’s companies approached PNB for a fresh loan. But this time, they have been denied as Gokulnath Shetty retired and his successors declined any loan.
Who is Nirav Modi?
Nirav Modi was born in India. He was raised in the Belgian city Antwerp. His father and grandfather were both in the diamond business and he is a third-generation diamantaire. Although he never thought of coming into this business and aspired to be a music conductor. His wife is Ami Modi. The couple has three children. Nirav Modi
At the age of 19, he joined business of his maternal uncle at Gitanjali Gems Ltd. His uncle is Mehul Choksi who is chairman of Gitanjali Gems. After working with his uncle for few years, he had established his own jewellery business in 1999 under name Firestar (earlier Firestone). Nirav Modi PNB fraud
Initially, he was into diamond sourcing but gradually he discovered his passion for jewellery. He first designed a jewllery for her friend in 2009. In 2010, he became the first Indian to feature on the cover of a Christie’s auction catalogue for a Golconda diamond necklace. He was also on the cover of Sotheby’s Catalogues. He has stores in New York, Las Vegas, Hong Kong, Beijing and Mumbai. He had opened his first flagship store at Delhi.
Many of the renowned Bollywood and Hollywood celebrities have worn his designs. The list includes Kate Winslet, Naomi Watts, Coco Rocha, Lisa Haydon, Rosie Huntington-Whiteley and Aishwariya Rai. Nirav Modi was also featured on the Forbes list of Indian billionaires in 2013. He was ranked 85 in Forbes India list. Nirav Modi PNB fraud
