Sunday, 18 February 2018

Nirav Modi Case | 11000 crore fraud

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Nirav Modi! The name which is in the news last few days. First of all let us know who is he and his origin. Indian born diamond jewellery designer Nirav Modi is the founder of $2.3 billion (revenues) Firestar Diamond. Modi grew up in Belgium, dropped out of Wharton and moved to India at the age of 19 where he got trained in the diamond trade under his uncle. After then, He launch his own Nirav Modi brand with 16 stores in locations such as Delhi, Mumbai, New York, Hong Kong, London and Macau. In 2010,Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogues.
Nirav Modi case | fraud case nirav modi | 11000 crore fraud case by nirav modi | How nirav modi fraud

Now What is making news is the case filed against Nirav Modi By Punjab Natonal Bank. In February 2018, the Indian Government’s Central bureau of investigation (CBI) launched an investigation into Modi. The CBI is acting on a complaint from the Punjab National Bank, a state banking instituition, that alleges Modi and his partners defrauded the bank for Rs 280 crore (approximately USD 40 million) by conspired with bank officials to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers. While Rs 280 crore is the fraud that has devoled to date, the potential liability of loss to Punjab National Bank goes well upto Rs 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 is looking into the case of fraud that the CBI has registered against Nirav Modi and his associates for cheating over Rs 280 crore as cited by Punjab National Bank (PNB).

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