Nirav Modi is an Indian Businessman who was involved in the business of diamonds. Nirav Modi has been charged by the Government of India and the Interpol for criminal conspiracy, fraud, money laundering, dishonesty, and embezzlement of contract since 2018.
Punjab National Bank's name comes hand in hand whenever this scam is being discussed. Nirav Modi is also being scrutinized in a $2 billion fraud case against the Punjab National Bank. He has also been sued in California for defrauding Paul Alfonso, a Los Angeles entrepreneur, over two custom made diamond rings that actually turned out to be fake diamonds.
Back In March 2018, Nirav Modi applied for bankruptcy protection in New York. After three months, in June 2018, Modi was reported to be in the United Kingdom and had applied for political protection in Britain. In June 2019, Swiss authorities had frozen a total of 6 million US dollars present in Nirav Modi's Swiss bank accounts along with his assets.
He was already the second most famous Mr N Modi of India.
But now Nirav Modi - the billionaire diamond trader and jeweller to Hollywood and Bollywood stars who shares a surname with the country's prime minister - is in the news for very different reasons.
Last month, Punjab National Bank filed a criminal complaint that accused Mr Modi and others of defrauding the bank, costing it 2.8bn rupees ($43.8m).
Then this week, the same bank publicly alleged that the jeweller was among those involved in an alleged $1.8bn fraud - which has led to fears for India's second-largest state-run bank.
This was echoed by India's law and justice minister, who told a press conference that "Nirav Modi and his accomplices attempted to bypass established banking channels by perpetrating this fraud".
While police have begun formal investigations into Mr Modi, no charges have been brought.
The diamond tycoon is yet to comment on the claims, and so far, it is understood detectives have not managed to speak to him.
However, high profile police raids on his jewellery stores and other businesses have made this a huge corporate story.
And his supposed links with that other N Modi - Prime Minister Narendra Modi - mean it is rapidly becoming a political story too.
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