Who is Nirav Modi?
Nirav Modi was a diamond merchant & his company Firestar Diamond International made jewelries for A-list Hollywood & Bollywood celebs like Priyanka Chopra, Kate Winslet, etc. He has his jewelry store in cities like Hong Kong, Dubai, Mumbai & New York City.
Punjab National Bank Fraud Case
The Punjab National Bank Fraud Case is one of the largest banking fraud detected in the country. It relates to fraudulent letter of undertaking worth Rs.14,356.84 crore (US$ 2.1 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. The fraud was allegedly organized by jeweler and designer Nirav Modi. Nirav, his wife Ami Modi, brother Nishal Modi and uncle Mehul Choksi, all partners of the firms, M/s Diamond R US, M/s Solar Exports and M/s Stellar Diamonds; along with PNB officials and employees, and directors of Nirav Modi and Mehul Choksi’s firms have all been named in a chargesheet by the CBI.
The fraud, incidentally, is 49 times the net profit posted by PNB for quarter ending December 31, 2017 and more than twice the amount that PNB got under bank recapitalisation plan.
Current Status
Nirav Modi left the country on 1st January 2018 weeks before the CBI received complaint from PNB on 29th January 2018.
Since then Nirav Modi has been absconding until few days back when he was spotted in London.
The 48-year-old was arrested by Scotland Yard on 19th March and presented before District Judge in London on 20th March. The judge remanded him in custody till 29th March after which he was transferred to Her Majesty’s Prison (HMP) Wandsworth in south-west London.
Investigation agencies are confident that there will be no delay in getting fugitive businessman Nirav Modi extradited to India because they have provided UK authorities with all the documents required and plugged every loophole that can be exploited by the defence counsel.
Now lets see in how many days we get him back to our country and in how many days the remaining money is recovered.
Public money should be recovered at any cost.
Jai Hind
