Nirav Modi : Family, Net Worth, Wife , Children , Company, PNB Froud case, and More
Nirav Modi is an Indian businessman who has been charged by Interpol and the Indian government for criminal conspiracy, treachery, fraud and dishonesty for August 2018, including property, corruption, money laundering, fraud, embezzlement and breach of contract.
|Born||27 February 1971|
|Other names||Nirav Deepak Modi|
|Father||Deepak Keshavlal Modi (Jeweller)|
|Education||College Drop Out|
|Sibling ( Brother )||
|Profession||Businessman (Jewellery Designer)|
|Net Worth||$100 million ( estimated )|
|Childrens||Son- Rohin, Apasha and Ananya|
|Company||Firestar Diamond International, Gitanjali Group, A. Jaffe Inc.|
|Hometown||Palanpur, Banaskantha, Gujarat, India|
Nirav Modi is an Indian businessman who has been charged by Interpol and the Indian government for criminal conspiracy, treachery, fraud and dishonesty for August 2018, including property, corruption, money laundering, fraud, embezzlement and breach of contract. The investigation is being conducted as part of a Punjab National Bank (PNB) $ 2 billion fraud case and $ 4.2 million in the state of California to deprive Los Angeles entrepreneur Paul Alphons of two custom diamond engagement rings. The lawsuit is being filed. To be laboratory diamonds. In March 2018, Nirav Modi applied for bankruptcy protection in Manhattan, New York. In June 2018, Nirav Modi was reported to be in the UK, where he reportedly applied for political asylum in the UK. In June 2019, Swiss authorities freeze a total of US $ 6 million in Nirav Modi's Swiss bank accounts with assets.
Nirav Modi Personal life and family
Nirav Modi was born in Palanpur, Gujarat and grew up in Antwerp, Belgium. His family has been in the diamond business for many generations. When he was 19, he and his father Deepak Modi moved to Mumbai to work in his uncle's business, Mehul Choksi, head of the Gitanjali Group, a retail jewelery company with 4,000 stores. Modi attended the Wharton School of the University of Pennsylvania, but eventually while leaving, he met his future wife, Ammi, the daughter of diamond businessman Amukuraj Choksey.
Nirav Modi Business ( Company ) : After moving to India in 1989, and training in all aspects of the diamond trading business, he founded Firestar (formerly known as Firestone) in 1999, a diamond sourcing and trading company. Firestar is the exclusive distributor of Argyle Pink Diamonds of Rio Tinto in India.In 2002, his company began manufacturing jewelery on a contract basis. He acquired Frederick Goldman in 2005 and Sandberg & Sikorsky in 2007 and A.Jeff in 2007.
He became well-known in 2010 after designing his "Golconda Lotus Necklace" with an old, 12-carat, pear-shaped diamond as a centerpiece. Diamonds were first sold in 1960. It was repeated.  A mesh of white and pink diamonds was seen in it. It was included on the cover of Christie's catalog in Hong Kong, and was auctioned for US $ 3.6 million in 2010. In 2012, the Reward of Perfection, featuring 36 flawless white diamonds weighing 88.88 carats, was sold at Sotheby's Hong Kong auction.
What is Nirav Modi PNB fraud case ?
In February 2018, the Central Bureau of Investigation (CBI) of the Government of India launched an investigation into Modi, acting on a complaint by Punjab National Bank by Modi and his associates by defrauding the bank of ₹ 28000 crore (approximately USD 4 billion). setted up. Bank officials fraudulently receive a Letter of Undertaking to pay foreigners. While there is a fraud of Rs 28000 crore, which is alleged till date, the potential loss to Punjab National Bank has been reported to be up to 11000 crore. The Enforcement Directorate (ED) is looking into the fraud case which the CBI has registered against Modi.
Some of Nirav Modi stores were initially open for business as usual, including Marina Bay Sands in Singapore, although all of them have gradually closed. On March 7, 2018, Modi's firm Firestar Diamond Inc. applied for bankruptcy protection in Manhattan bankruptcy court. , To protect their assets in the United States and their revolving loan facility with Israel Discount Bank.
Modi estimated his domestic business at around Rs 6,500 crore, and said that "it could help the banking system reduce / discharge debt," but claimed that it is now impossible as all their bank accounts are frozen. And property has been seized. Modi along with his wife Ami Modi bought marine assets worth Rs 900 crore in Mumbai's iconic Samudra Mahal properties. His assets in India, which include jewelery, paintings and real estate, have been attached by the Enforcement Directorate worth approximately Rs 523 crore (approximately $ 75 million).
In May 2018, the CBI and ED had filed two FIRs to investigate the case. Both Modi and Mehul Choksi are said to have left the country even before criminal cases were filed against them.With the fall of his brand, Modi's fortune has collapsed.As a result of the nuisance, the RBI has stopped issuing LoUs and LoCs for imports, limiting the financial flexibility of importers. His company a. JAFFE, acquired through their Synergies Corporation, was auctioned in May 2018 and purchased by Pollen Diamond. All shops have been closed.
On June 8, 2020, the Prevention of Money Laundering Act (PMLA) court ordered the seizure of Nirav Modi's assets worth approximately Rs 1,400 crore.
Where is Nirav Modi Now ?
At Present he is in UK. Some other location relate with him is Dubai, United Arab Emirates, Hong Kong, London, United Kingdom