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Nirav Modi Biography

 

Nirav Modi is a founder of Nirav Modi global diamond jewelry house established in 2010,.[1] He is being investigated in a $1.8 billion fraud case [2] at Punjab National Bank (PNB). Bollywood actress Priyanka Chopra is seeking legal opinion with respect to terminating her contract with the brand in light of allegations of financial fraud against Nirav Modi.[3][4] Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogues. The company has its headquarters in Mumbai, India.

 

In February 2018, the Indian government’s Central Bureau of Investigation launched an investigation into Modi. The CBI is acting on a complaint from the Punjab National Bank, a state banking institution, that alleges Modi and his partners defrauded the bank for ₹280 Crore (approximately USD 40 million) by conspiring with bank officials to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers.[13] While ₹280 Crore is the fraud that has devolved to date, the potential liability of loss to Punjab National Bank goes well up to ₹11000 crore. The bank has alleged that Modi and his business partners were involved in fraudulently issuing Letters of Undertakings – or bank guarantees – at the bank’s Mid Corporate Branch in Mumbai’s Brady House. The enforcement directorate (ED) is looking into the case of fraud that the CBI has registered against Nirav Modi and his associates for cheating over ₹280 crore as cited by Punjab National Bank (PNB).[14] Although the case is still under investigation but Nirav Modi’s stores will remain open and business is as usual at his stores around the globe including the one at Marina Bay Sands in Singapore

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