Nirav Deepak Modi is a Indian businessman and founder of “Nirav Modi Global Diamond Jewellery House”, established in 2010. He was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogues. The company has its headquarters in Mumbai, India.
Nirav Deepak Modi is wanted by the Interpol for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract since August 2018. Nirav Deepak 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. In June 2018, Modi was reported to be in the UK and has applied for political asylum in Britain.
In February 2018, the Indian government’s Central Bureau of Investigation launched an investigation on Modi, acting on a complaint from the Punjab National Bank that alleges 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. The Enforcement Directorate (ED) is looking into the case of fraud that the CBI has registered against Nirav Modi. Almost A year after jeweller Nirav Modi escaped from India after defrauding Punjab National Bank of Rs 14356 crore, He was arrested in London on Wednesday.
Last year on july , Interpol had issued a red corner notice (RCN) for Nirav Modi Global Diamond Jewellery House which includes jeweller Nirav Modi, his brother Neeshal Modi and close partner in business Subhash Parab, who was an executive with the Nirav Modi group. Officials of the London Police Confirmed the news about Nirav Modi and they said that he will produced in London Court, before the commencement of his extradition hearing.
Last week video’s emerged on social media claiming the presence of Nirav Modi on London , Soon The Cebtral Bureau of Investigation (CBI) had requested the UK authorities to detain Nirav Modi, with United Kingdom confirming Nirav Modi’s presence on its soil.
Statement by Scotland Yard on Nirav Modi: ‘Nirav Deepak Modi – 48 (24.02.71) was arrested on behalf of the Indian Authorities this afternoon (Tuesday, 19 March) in Holborn. He will appear in custody at Westminster Magistrates’ Court tomorrow (Wednesday, 20 March)’