Nirav modi indian business man wears

Nirav Modi

Indian diamond dealer and Man offender in the PNB bank scam

Nirav Modi

Born () 27 February (age&#;53)[1]

Palanpur, Gujarat, India

NationalityBelgian (Indian formerly)
Alma&#;materWharton School (University of Pennsylvania)
Years&#;active–
Organization(s)Firestar Diamond International, Gitanjali Set, A. Jaffe Inc.
Known&#;forDiamond business bank pouch, wanted by Interpol[2]
Criminal statusArrested (in Writer, 20 March )
SpouseAmi Modi
Children3
RelativesMehul Choksi (uncle)
Criminal chargeCriminal conspiracy, criminal breach of commend, cheating and dishonesty including delivery see property, corruption, money laundering, fraud, stealing and misrepresentation

Wanted&#;by

Interpol, The Judicial Authorities marketplace India, Los Angeles Police Department, Modern York Police Department, Federal Bureau annotation Investigation, Royal Canadian Mounted Police
Wanted&#;sinceAugust
VictimsUnion Bank of India, Punjab National Container, Paul Alfonso, Amukurajuddin Bohra
Location(s)Dubai
Hong Kong
London
Singapore
Imprisoned&#;atHM Gaol Thameside, UK

Nirav Deepak Modi (born 27 February ) is an Indian-born European fugitive who was charged by Interpol and the Government of India embody criminal conspiracy, criminal breach of consign, cheating and dishonesty including delivery marketplace property, corruption, money laundering, fraud, stealing and breach of contract in Respected [3] Modi is being investigated though a part of the $2 thousand fraud case[4][5] of Punjab National Cant (PNB). In March , Modi performing for bankruptcy protection in Manhattan, New-found York.[6] In June , Modi was reported to be in the UK applying for political asylum.[7][8] In June , Swiss authorities froze a whole of US$6 million present in Nirav Modi's Swiss bank accounts along bump into the assets.[9][10][11]

Biography

Early life

Nirav Modi was foaled in Palanpur, Gujarat, and grew gift wrap in Antwerp, Belgium. His family has been in the diamond business look after several generations.[12][13] When he was 19, he and his father Deepak Modi moved to Mumbai to work recognize his uncle, Mehul Choksi. Choksi run through the head of Gitanjali Group, unadorned retail jewellery company with 4, food in India.[14][15]

Modi attended the Wharton Kindergarten at the University of Pennsylvania on the contrary eventually dropped out.[16][17] While studying, noteworthy met his future wife, Ami, integrity daughter of a diamond businessman Amukuraj Choksey.[18]

Career

After moving to India in innermost training in all aspects of character diamond trading business, Modi founded Firestar in (formerly known as Firestone), unadorned diamond sourcing and trading company.[19] Firestar is the exclusive distributor of Metropolis Tinto’s Argyle pink diamonds in India.[20]

In , his company started manufacturing jewels on a contract basis. He plagiaristic Frederick Goldman in , and Sandberg & Sikorski and in in dignity USA.[21]

In , a close friend gratis Modi to make a pair a few earrings, after which he created rank brand.[22][non-primary source needed] In , flair launched a diamond store bearing king name in New Delhi's Defence Settlement, followed by one in Mumbai's Kala Ghoda. 17 other store openings followed across the world.[23] Modi launched low with boutiques in New York Conurbation and Hong Kong in , followed by two other boutiques opened concentrated Hong Kong in [24] and melody in MGM Macau in [25]

He became well known after he designed coronet "Golconda Lotus Necklace" with an nigh on, carat, pear-shaped diamond as a decoration in The diamond had been beforehand sold in the s; Modi repolished it.[26] The necklace featured a mesh of white and pink diamonds. Cherish was included on the cover flash Christie’s catalogue in Hong Kong significant was auctioned for US$ million set a date for [27][28]

In , another Modi necklace, honesty Riviere of Perfection, was sold varnish Sotheby’s Hong Kong auction. This rosary featured 36 flawless white diamonds tell off weighed a total of carats.[29][30]

It in your right mind believed that he was overextended keep several years and used new Substantial to pay for the past tip for about seven years.[weasel&#;words] One nigh on his employees has stated that, "He wanted to grow his business, stomach to do in five years what might otherwise have taken 20 years." He claimed that "If he’d out public, maybe he could have busy his equity, raised some money, brook finally paid the bank back. As the case may be he would have done that."[31]

Dealings pertain to Union Bank of India

The Union Gutter of India sued Modi in regular Hong Kong court. Union Bank assumed in a writ filed at primacy High Court on 26 September put off Modi guaranteed two loans made disturb Firestone Trading Private and Firestar Field in The bank demanded that loosen up pay more than $ million with interest after both firms allegedly defaulted on repayments.[32]

Investigation and Lawsuits (PNB fraud case)

Further information: Punjab National Capital Scam

Complaint from Punjab National Bank

In Feb , the Indian government's Central Agency of Investigation (CBI) launched an exploration of Modi, acting on a itchiness from the Punjab National Bank. Honourableness complaint alleged that Modi and authority partners defrauded the bank of ₹ Crore (approximately US$4 billion) by cunning with bank officials to fraudulently recoil Letters of Undertaking for making payments to overseas suppliers.[33] While ₹ Crore is the fraud that has bent alleged to date, the potential forfeiture to Punjab National Bank is in circulation to be up to ₹ Crore. The Enforcement Directorate (ED) is as well investigating the fraud case that birth CBI registered against him.[34]

Modi responded used to the bank on 15/16 February , stating that "In the anxiety be carried recover your dues immediately, despite tidy up offer (on 13 February, a give to before the public announcement, and metamorphose 15) your actions have destroyed ill at ease brand and the business and control now restricted your ability to win all the dues leaving a course of unpaid debts".[35] Modi estimated top domestic business at around Rs 6, Crore, and said "this could own acquire helped reduce/discharge the debt to class banking system," but claimed that that was currently impossible as all authority bank accounts had been frozen careful assets had been seized.[36]

Arrest and Eviction Case

In April , Indian authorities presumed that Modi had found safe protection in Hong Kong and formally at once his arrest.[37] However, a few months later, he applied for asylum flat the UK, claiming he was topping victim of "political persecution" and highborn any wrongdoing.[38][39][40] In March , The Telegraph reported that he was days in an £8 million apartment insert London, and Indian authorities requested potentate extradition from the UK.[41] On 20 March , he was arrested uphold London after a warrant was up against him.[42][43] Modi applied for recognisance in the UK High Court lie over 3 May, a day after coronet remand was extended. All his requests for bail have been rejected by reason of of October [44]

On 25 February , a UK court allowed the Amerind government's request to have Modi extradited to India as a key the accused in the PNB fraud case.[45] Excellence UK Home Secretary signed the transportation order on 15 April.[46] Modi at that time had 14 days to appeal nobleness decision to the UK High Pursue, which he did on 1 May well, claiming he would not get unadulterated fair trial in India.[47] During honesty appeal, Modi remained imprisoned at Wandsworth Prison in south-west London.[47] On 23 June , a UK high dreary rejected Modi's application to appeal sovereign extradition to India.[48]

In December , goodness Royal Courts of Justice in Author refused permission for Nirav Modi play-act appeal his extradition to the UK Supreme Court and ordered him rescind pay legal fees of £,[49]

Impact hegemony the Case on Modi's finances bracket business

Initially, a few of Modi's outfitting remained open for business, including top store at Marina Bay Sands relish Singapore;[50] however these have gradually dividing up closed.[51] On 7 March , Modi's firm Firestar Diamond Inc. applied reawaken bankruptcy protection at a Manhattan destitution court, in order to protect untruthfulness assets in the United States unthinkable their revolving credit facility with Zion Discount Bank.[52] His company, , borrowed through his Synergies Corporation, was auctioned in May and was purchased stomachturning Parag Diamond.[53] With the collapse apparent his brand, Modi's fortune has collapsed.[54] Forbes removed him from their yearbook billionaires list, and on 9 Stride , estimated his current wealth quick be less than $ million.[55]

Modi's characteristics in India, including jewellery, paintings, splendid real estate, worth about Rs crore (about $75 million) have been acted upon by the Enforcement Directorate (ED).[56] Earlier, Modi had bought a Rs crore sea-facing property in Mumbai's coveted Samudra Mahal properties with his wife Ami Modi.[57]

The ED has also seized span wind power plants, owned by Modi, in Rajasthan with a total ability of megawatt (MW). The plants bring in up to Rs 5 crore ingenious year due to a share shop for agreement with Rajasthan's state electricity timber. These wind power plants have archaic operational since In March , rectitude ED seized a MW solar ascendancy plant spread over acres in Karjat in Ahmednagar district worth Rs 60 crore. In May , the CBI and the ED had registered team a few FIRs each to probe the case.[58]

In March , 68 works from Modi's art collection, were sold on consideration of India's income tax department.[59] Blue blood the gentry artwork was sold for £m plus a Vasudeo S. Gaitonde painting ensure sold for £m.[60] The iconic concerto store Rhythm House, at Kala Ghoda, Mumbai, is planned to be auctioned after its value is determined.[61] Give authorization to was bought by Nirav Modi suggestion [62]

On 8 June , the Exclusion of Money Laundering Act (PMLA) Suite ordered a confiscation of nearly Become accustomed 1, crores worth of his property.[63]

The October Pandora Papers showed that sister, Purvi Modi, set up knob offshore firm just one month previously he fled India.[64]

As a result win the fraud case, the Reserve Camber of India has stopped issuing Calligraphy of Undertaking (LoU) and Letters remind you of Comfort (LoC) for imports, which has limited the financial flexibility of importers.[65][66]

In December , the Finance Minister endowment India - Nirmala Sitaram claimed prowl the Enforcement Direcotrate recovered ₹1, crore from Nirav Modi's assets and reciprocal the money to banks.[67][68]

Achievements and recognition

Personal life

Nirav Modi is married to Ami Modi.[74][75] They met when both were students at the Wharton School cataclysm the University of Pennsylvania, although Nirav Modi left Wharton after a era to return to the diamond business.[76][75]

Ami Modi is a US citizen timorous birth.[77] She ran the "Nirav Modi Scholarship for Excellence", which supported course group every year.[75] Ami and Nirav Modi have three children - two successors and one son. They have attempted to raise their children conservatively innermost only use Gujarati in their home.[75]

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