Published: Fri, February 16, 2018
Finance | By Gustavo Carr

In Nirav Modi Raids, Jewellery And Gold Worth Rs 5,100 Crore Seized

In Nirav Modi Raids, Jewellery And Gold Worth Rs 5,100 Crore Seized

"Nirav Modi had arrived in Davos on his own and was present at CII group photo event". However, lawyers said that the liability to pay foreign branches of banks rests with PNB.

Firestar Group, the parent company Modi controls as a majority shareholder, saw its revenue grow over three years from 103 billion rupees (about $1.6 billion at current rates) to some 147 billion rupees ($2.3 billion) by the 2016-17 fiscal year, according to figures previously provided by the company. On January 3, 2018, the bank got to know that two staffers were involved in unauthorised transactions. It has been revealed that Mr Modi left India in early January, well before the original first information report in this case was filed with the police. Modi, the third generation of his family to go into the diamond trade, has not commented on the allegations.

The auction house posted an online slideshow of jewellery-on-stars at the 2017 Oscars and highlighted supermodel Karlie Kloss having "a major Nirav Modi moment with her diamond "Mughal" choker". Two decades later, his father Deepak Modi set up shop in Antwerp, Belgium, the world's diamond capital, where Modi grew up. Choksi is also Nirav's maternal uncle.

Addressing a press conference, Law and Justice Minister Ravi Shankar Prasad said no loans have been given in the Narendra Modi government's tenure which can become NPAs and the loan to Nirav Modi was given during the tenure of the United Progressive Alliance (UPA). His claim to fame was a Golconda diamond necklace made with a rare diamond mined in Hyderabad.

In 2010, Modi launched an eponymous jewellery business branded NIRAV MODI, in capitals, with the tagline "Haut Diamantaire". "Nirav Modi is a brand".

In the recent $1.77 billion scam, Modi and another unnamed jewelry company have been alleged as masterminds.

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His designs are worn by Bollywood and Hollywood celebrities including Priyanak Chopra, Kate Winslett, Dakota Johnson. It is derogatory. The Congress is trying to degrade the prime minister just because Nirav Modi holds the same surname.

India's Enforcement Directorate, a government agency that fights financial crime, will probe the possibility of money laundering in a US$1.77 billion (S$2.3 billion) fraud case at the state-run Punjab National Bank (PNB), a finance ministry official said yesterday.

"This is not likely to escalate to other banks".

But both Modi's and Choksi's companies have been quick to dissociate themselves from the scandal.

He said, they have informed SEBI and all the lenders about it being in line with the clean banking system.

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