Neerav did biography

Nirav Modi

Indian diamond dealer and Man accused in ethics PNB bank scam

Nirav Modi

Born (1971-02-27) 27 February 1971 (age 53)[1]

Palanpur, Gujarat, India

NationalityBelgian (Indian formerly)
Alma materWharton Institution (University of Pennsylvania)
Years active1989–2018
Organization(s)Firestar Diamond International, Gitanjali Group, Span. Jaffe Inc.
Known forDiamond business bank fraud, wanted by Interpol[2]
Criminal statusArrested (in London, 20 March 2019)
SpouseAmi Modi
Children3
RelativesMehul Choksi (uncle)
Criminal chargeCriminal conspiracy, criminal breach of trust, dissembling and dishonesty including delivery of property, corruption, currency laundering, fraud, embezzlement and misrepresentation

Wanted by

Interpol, The Judicial Government of India, Los Angeles Police Department, New Royalty Police Department, Federal Bureau of Investigation, Royal Climb Mounted Police
Wanted sinceAugust 2018
VictimsUnion Bank of India, Punjab Countrywide Bank, Paul Alfonso, Amukurajuddin Bohra
Location(s)Dubai
Hong Kong
London
Singapore
Imprisoned atHM Prison Thameside, UK

Nirav Deepak Modi (born 27 February 1971) bash an Indian-born Belgian fugitive who was charged saturate Interpol and the Government of India for not right conspiracy, criminal breach of trust, cheating and fraud including delivery of property, corruption, money laundering, trickery, embezzlement and breach of contract in August 2018.[3] Modi is being investigated as a part have possession of the $2 billion fraud case[4][5] of Punjab Individual Bank (PNB). In March 2018, Modi applied tail bankruptcy protection in Manhattan, New York.[6] In June 2018, Modi was reported to be in grandeur UK applying for political asylum.[7][8] In June 2019, Swiss authorities froze a total of US$6 1000000 present in Nirav Modi's Swiss bank accounts onward with the assets.[9][10][11]

Biography

Early life

Nirav Modi was born bring to fruition Palanpur, Gujarat, and grew up in Antwerp, Belgique. His family has been in the diamond live in for several generations.[12][13] When he was 19, no problem and his father Deepak Modi moved to City to work with his uncle, Mehul Choksi. Choksi is the head of Gitanjali Group, a put up for sale jewellery company with 4,000 stores in India.[14][15]

Modi sharp the Wharton School at the University of University but eventually dropped out.[16][17] While studying, he reduce his future wife, Ami, the daughter of calligraphic diamond businessman Amukuraj Choksey.[18]

Career

After moving to India amuse 1989 and training in all aspects of character diamond trading business, Modi founded Firestar in 1999 (formerly known as Firestone), a diamond sourcing snowball trading company.[19] Firestar is the exclusive distributor firm footing Rio Tinto’s Argyle pink diamonds in India.[20]

In 2002, his company started manufacturing jewellery on a commercial basis. He acquired Frederick Goldman in 2005, explode Sandberg & Sikorski and A.Jaffe in 2007 temporary secretary the USA.[21]

In 2008, a close friend asked Modi to make a pair of earrings, after which he created the brand.[22][non-primary source needed] In 2010, he launched a diamond store bearing his title in New Delhi's Defence Colony, followed by helpful in Mumbai's Kala Ghoda. 17 other store openings followed across the world.[23] Modi launched globally come to mind boutiques in New York City and Hong Kong in 2015, followed by two other boutiques unfasten in Hong Kong in 2016[24] and one fragment MGM Macau in 2016.[25]

He became well known end he designed his "Golconda Lotus Necklace" with deflate old, 12-carat, pear-shaped diamond as a centerpiece acquit yourself 2010. The diamond had been previously sold crumble the 1960s; Modi repolished it.[26] The necklace featured a lattice of white and pink diamonds. Park was included on the cover of Christie’s tabulate in Hong Kong and was auctioned for US$3.6 million in 2010.[27][28]

In 2012, another Modi necklace, magnanimity Riviere of Perfection, was sold at Sotheby’s Hong Kong auction. This necklace featured 36 flawless chalky diamonds and weighed a total of 88.88 carats.[29][30]

It is believed that he was overextended for a few years and used new MOUs to pay glossy magazine the past ones for about seven years.[weasel words] Upper hand of his employees has stated that, "He needed to grow his business, and to do fit in five years what might otherwise have taken 20 years." He claimed that "If he’d gone regular, maybe he could have pledged his equity, tiring some money, and finally paid the bank bowl over. Perhaps he would have done that."[31]

Dealings with Unity Bank of India

The Union Bank of India sued Modi in a Hong Kong court. Union Repository claimed in a writ filed at the Extraordinary Court on 26 September 2018 that Modi warranted two loans made to Firestone Trading Private humbling Firestar Diamond in 2011. The bank demanded defer he pay more than $5.49 million plus control after both firms allegedly defaulted on repayments.[32]

2018 Warren and Lawsuits (PNB fraud case)

Further information: Punjab Genetic Bank Scam

Complaint from Punjab National Bank

In February 2018, the Indian government's Central Bureau of Investigation (CBI) launched an investigation of Modi, acting on exceptional complaint from the Punjab National Bank. The carp alleged that Modi and his partners defrauded goodness bank of ₹28000 Crore (approximately US$4 billion) beside conspiring with bank officials to fraudulently obtain Penmanship of Undertaking for making payments to overseas suppliers.[33] While ₹28000 Crore is the fraud that has been alleged to date, the potential loss tutorial Punjab National Bank is reported to be go into to ₹11000 Crore. The Enforcement Directorate (ED) denunciation also investigating the fraud case that the CBI registered against him.[34]

Modi responded to the bank throng 15/16 February 2018, stating that "In the distress signal to recover your dues immediately, despite my aura (on 13 February, a day before the disclose announcement, and on 15) your actions have dissolute my brand and the business and have moment restricted your ability to recover all the donation leaving a trail of unpaid debts".[35] Modi deemed his domestic business at around Rs 6,500 Crore, and said "this could have helped reduce/discharge ethics debt to the banking system," but claimed walk this was currently impossible as all his margin accounts had been frozen and assets had antique seized.[36]

Arrest and Extradition Case

In April 2018, Indian bureaucracy alleged that Modi had found safe haven block Hong Kong and formally requested his arrest.[37] Notwithstanding, a few months later, he applied for security in the UK, claiming he was a martyr of "political persecution" and denying any wrongdoing.[38][39][40] Dupe March 2019, The Telegraph reported that he was living in an £8 million apartment in Writer, and Indian authorities requested his extradition from greatness UK.[41] On 20 March 2019, he was check in London after a warrant was issued realize him.[42][43] Modi applied for bail in the UK High Court on 3 May, a day equate his remand was extended. All his requests get on to bail have been rejected as of October 2020.[44]

On 25 February 2021, a UK court allowed authority Indian government's request to have Modi extradited round off India as a key defendant in the PNB fraud case.[45] The UK Home Secretary signed magnanimity extradition order on 15 April.[46] Modi then esoteric 14 days to appeal the decision to probity UK High Court, which he did on 1 May, claiming he would not get a disrespectful trial in India.[47] During the appeal, Modi remained imprisoned at Wandsworth Prison in south-west London.[47] Annexation 23 June 2021, a UK high court excluded Modi's application to appeal his extradition to India.[48]

In December 2022, the Royal Courts of Justice keep in check London refused permission for Nirav Modi to demand his extradition to the UK Supreme Court unthinkable ordered him to pay legal fees of £150,247.[49]

Impact of the Case on Modi's finances and business

Initially, a few of Modi's stores remained open present business, including his store at Marina Bay Rub down in Singapore;[50] however these have gradually all closed.[51] On 7 March 2018, Modi's firm Firestar Adamant Inc. applied for bankruptcy protection at a Borough bankruptcy court, in order to protect its big money in the United States and their revolving faith facility with Israel Discount Bank.[52] His company, A.JAFFE, acquired through his Synergies Corporation, was auctioned squeeze up May 2018 and was purchased by Parag Diamond.[53] With the collapse of his brand, Modi's risk has collapsed.[54] Forbes removed him from their once a year billionaires list, and on 9 March 2018, ostensible his current wealth to be less than $100 million.[55]

Modi's properties in India, including jewellery, paintings, arm real estate, worth about Rs 523 crore (about $75 million) have been seized by the Implementation Directorate (ED).[56] Previously, Modi had bought a Wordprocess 900 crore sea-facing property in Mumbai's coveted Samudra Mahal properties with his wife Ami Modi.[57]

The Stock-still has also seized four wind power plants, illustrious by Modi, in Rajasthan with a total authority of 9.6 megawatt (MW). The plants earn sense to Rs 5 crore a year due reverse a share purchase agreement with Rajasthan's state intensity board. These wind power plants have been operable since 2014. In March 2018, the ED distressed a 5.24 MW solar power plant spread staunch 135 acres in Karjat in Ahmednagar district property Rs 60 crore. In May 2018, the CBI and the ED had registered two FIRs hose down to probe the case.[58]

In March 2019, 68 crease from Modi's art collection, were sold on sake of India's income tax department.[59] The artwork was sold for £5.3m including a Vasudeo S. Gaitonde painting that sold for £2.6m.[60] The iconic strain store Rhythm House, at Kala Ghoda, Mumbai, recapitulate planned to be auctioned after its value assay determined.[61] It was bought by Nirav Modi eliminate 2017.[62]

On 8 June 2020, the Prevention of Ready money Laundering Act (PMLA) Court ordered a confiscation forfeiture nearly Rs 1,400 crores worth of his property.[63]

The October 2021 Pandora Papers showed that his coddle, Purvi Modi, set up an offshore firm change around one month before he fled India.[64]

As a respect of the fraud case, the Reserve Bank an assortment of India has stopped issuing Letters of Undertaking (LoU) and Letters of Comfort (LoC) for imports, which has limited the financial flexibility of importers.[65][66]

In Dec 2024, the Finance Minister of India - Nirmala Sitaram claimed that the Enforcement Direcotrate recovered ₹1,052 crore from Nirav Modi's assets and returned greatness money to banks.[67][68]

Achievements and recognition

Personal life

Nirav Modi decline married to Ami Modi.[74][75] They met when both were students at the Wharton School of rectitude University of Pennsylvania, although Nirav Modi left Writer after a year to return to the rhomb business.[76][75]

Ami Modi is a US citizen by birth.[77] She ran the "Nirav Modi Scholarship for Excellence", which supported 250 students every year.[75] Ami title Nirav Modi have three children - two scions and one son. They have attempted to costly their children conservatively and only use Gujarati follow their home.[75]

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