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Who is Nirav Modi?

On January 29, CBI booked Nirav Modi his wife Ami Modi, brother Nishal Modi and his maternal uncle Mehul Choksi in an alleged Rs 280-crore cheating case acting on the first Punjab National Bank (PNB) complaint. Here's some backgrounder on Nirav Modi.

By: Express Web Desk | New Delhi | Updated: February 16, 2018 6:46 am
who is nirav modi Born into a Gujarati family, Nirav Modi founded the jewellery brand Firestar Diamond

Punjab National Bank (PNB) revealed on Wednesday that it detected fraudulent transactions worth Rs 11, 000 crore in a south Mumbai corporate branch, involving firms promoted by jeweller Nirav Modi. Modi has not commented on the case so far but his flagship Firestar Diamond has said it had no involvement in the case.

On January 29, CBI booked Modi, his wife Ami Modi, brother Nishal Modi and his maternal uncle Mehul Choksi in an alleged Rs 280-crore cheating case acting on a PNB complaint. However, upon discovering that the total “unauthorised transactions” by Modi’s firms were worth $1,771.7 million, the the state-owned bank filed another complaint with the CBI on February 13.

Born into a Gujarati family, Modi founded Firestar Diamond and has a booming retail business across top cities of the world including Delhi, Mumbai, New York, London, Hong Kong and Macau. In 2015, the inauguration of his first store in New York’s Madison Avenue was attended by Donald Trump,  FortuneIndia reported. Modi’s retail market presence has expanded in recent years marking him as one of the youngest Indians in the Forbes Billionaires List 2017.

who is nirav modi In this file photo, Nirav Modi is seen with Britain’s Prince Charles and his wife Camilla, Duchess of Cornwall at the British High Commissioner’s residence, in New Delhi. (Express Photo/Tashi Tobgyal)

READ: CBI books Nirav Modi in Rs 280-crore ‘cheating’ case

While his family was in India, the billionaire businessman grew up in Belgium, which is known as the centre for international refined diamond trade. Though he went to Wharton Business School, he dropped out and moved to India to train in the diamond trade under his uncle. Years later, he started the Nirav Modi jewellery brand and is known to have rich clients in the international market. Last year, Bollywood actress Priyanka Chopra was also roped in to be the global ambassador for the Nirav Modi brand.

Priyanka had then said: “Nirav and I are fiercely proud of our heritage and are united by the idea of bringing a modern India to the global forefront. I have worn the brand on many occasions and have always been impressed with the exquisite designs, the finesse, the clarity and femininity of the jewels.”

Nirav Modi, Who is Nirav Modi, Punjab National Bank fraud, PNB fraud case, 11000 crore fraud case, Jeweller fraud case, Indian Express The showroom of Nirav Modi in Fort Mumbai. The CBI received PNB’s complaint on Tuesday night against the jeweller Nirav Modi. (Express Photo/Ganesh Shirsekar)

In January 2017, The Indian Express had also reported that the income tax department raided over 50 offices and residential premises of Modi and seized cash, jewellery and several documents that allegedly revealed tax evasion by his firms. The agency had allegedly found evidence of bogus purchases and cash sales that were not recorded in the books of the firms.

The CBI had also surveyed the offices of Gitanjali Group – one of the largest diamond companies in India and a listed jewellery retailer promoted by Choksi – in connection with the investigation.

READ | Inside the PNB fraud: What an LoU is, how case may impact the bank

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  1. Phototrix studio
    Feb 16, 2018 at 5:27 pm
    I hope Narendra modiji take action against Nirav Modi. I Strongly feel If all the layers of this scam are opened up, the scam will go up more than Rs 11000 Crore. Its time to teach the lession who cheat with India, They cheat us make money and fly out of India, what the is this? Its very disappointing..
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    1. F
      Fudu Photographer
      Feb 17, 2018 at 8:36 pm
      na khauga na khane duga ..#FekuLAL
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    2. harun hafeez
      Feb 15, 2018 at 2:52 pm
      Were are these cheats,what was the guy doing in Davos with Modiji,Has he been given a send off like Mallaya.How come the SFO did nothing and how did the PMO Include the man in the business delegation to Davos.BJP has a way to circumvent the whole Fraud by invoking who is a true Hindu and who is working on weakening Hindu"s and Bharat Mata.They would have done enough to win election
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      1. Tkr Nathan Thiruvoth
        Feb 15, 2018 at 2:44 pm
        Rahul Gandhi tweeted today that Nirav Modi was seen with PM Modi at Davos and his tweet implied complicity of the NDA govt. as reported by media. But this guy was also seen with Price Charles, Donald Trump attended his store opening, many other imported personalities were seen with him. What does the Congress president say about that? Also the fraud started in 2011 and it was reported then, what has he got to say about that? He and his backers should better educate themselves about the background of such cases before jumping into the fray.
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        1. harun hafeez
          Feb 15, 2018 at 3:04 pm
          The default to banks ,when was that reported.If it was reported after 2014 ,what was done by the ED/SFO and PMO.If you say it was a creation of 2011 ,why did Modiji include the man in his Official delegation to Davos.PMO was notified by 2016 july about the nature of actions this man in cheating Banks using LOU route.Is inaction for 4 years all ok in the name of Fake Nationalism and Hindu pride.Is all that is left is using Hindu to evade truth about inaction for 4 years.
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          1. Kim Sharma
            Feb 15, 2018 at 7:00 pm
            There was no doubt Gujarati barons funded Bada Modi's 2014 campaign. It was to be expected they would seek their pound of flesh. No wonder, Chotta Modi was indeed helped or alerted at the right times by top leadership in BJP and the cur central government.Jeweller Nirav stole bank money mostly in 2017-- this makes crystal clear the quid pro quo. It is well known, Gujarati businessmen preferred to fund BJP, not Congress as the latter's pro-poor policies offended them. In Modi they found their support. More skeletons would tumble out of the Modi cupboard not just on diverting bank funds, but even on grisly crimes of party bigwigs that have been covered up so far with the help of police and Judiciary.
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            1. Feb 15, 2018 at 8:29 pm
              Nirav was not on team of Prince and Trump. But Nirav was in team of Modi to Davos. If Modi chosen him - he must have checked his honesty, nationalism, etc... But only if you s can see...and understand.
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              nramkhanna
              Feb 15, 2018 at 2:40 pm
              what banks are doing.are sucking the blood of the nation
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