| Name(s) |
NIRAV Deepak MODI |
| Date of
Birth |
Feb 27, 1971 |
|
Identity |
Indian Businessman
Fugitive in the field of Diamond Jewellery |
|
Description and Events |
- Founder of "Nirav Modi Global
Diamond Jewellery House",
established in 2010, with its
headquarters in Mumbai.
- The first Indian jeweller to
have been featured on the covers of
Christie’s and Sotheby’s Catalogues.
- Modi is being investigated in a
$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.
|
|
Sep 26, 2018 |
In a writ filed at the High Court on 26
September 2018, the Union Bank of India
claimed that Nirav Modi guaranteed two
loans made to Firestone Trading Private
on October 21, 2011 and Firestar Diamond
on November 15, 2011. The bank demanded
that Nirav Modi pay more than $5.49
million plus interest after both firms
allegedly defaulted on repayments.
|
|
Aug 31, 2018 |
A Los Angeles entrepreneur, Paul
Alfonso, filed a US$4.2 million lawsuit
in Los Angeles against Modi and two of
his now defunct companies namely
Firestar Diamond Inc. and A. Jaffe Inc.
|
|
Jun 21, 2018 |
Republic TV news reported that Red
Corner Notice had been issued against
Modi and Choksi
|
|
Jun 2018 |
He was reported to be in the UK and had
applied for political asylum in Britain.
|
|
May 2018 |
CBI and the ED registered two FIRs each
to probe the case. Both Nirav Modi and
Mehul Choksi are said to have left the
country before criminal cases were
lodged against them.
|
|
Apr 2018 |
It was alleged Nirav Modi had found safe
haven in Hong Kong.
|
|
Mar 2018 |
He applied for bankruptcy protection in
Manhattan, New York.
|
|
Mar 07, 2018 |
His firm Firestar Diamond Inc. applied
for bankruptcy protection at a Manhattan
bankruptcy court, in order to protect
its assets in the United States and
their revolving credit facility with
Israel Discount Bank.
|
|
Feb 2018 |
CBI launched an investigation on him,
based on a complaint from the Punjab
National Bank that alleged Nirav 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 (LoUs are undertaking
provided by one bank to another bank)
for making payments to overseas
suppliers. While ₹280 Crore is the fraud
that has devolved to date, the potential
liability of loss to Punjab National
Bank goes up to ₹11000 crore.
|
|
Nov 15, 2011 |
He had provided his guarantee to Union
Bank of India for its loan granted to
Firestone Trading Pvt Ltd. |
|
Oct 21, 2011 |
He had provided his guarantee to Union
Bank of India for its loan granted to
Firestar Diamond. |
