Hubbry Logo
Nirav ModiNirav ModiMain
Open search
Nirav Modi
Community hub
Nirav Modi
logo
7 pages, 0 posts
0 subscribers
Be the first to start a discussion here.
Be the first to start a discussion here.
Nirav Modi
Nirav Modi
Nirav Modi
View on Wikipedia
from Wikipedia

Nirav Deepak Modi (born 27 February 1971) is an Indian-born Belgian businessman and fugitive who was charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract in August 2018.[3] Modi is being investigated as a part of the $2 billion fraud case[4][5] of Punjab National Bank (PNB). In March 2018, Modi applied for bankruptcy protection in Manhattan, New York.[6] In June 2018, Modi was reported to be in the UK applying for political asylum.[7][8] In June 2019, Swiss authorities froze a total of US$6 million in Modi's Swiss bank accounts along with the assets.[9][10][11]

Key Information

In December 2022, he lost his final appeal against extradition request by Indian agencies.[12] All his requests for bail have been rejected, and he is currently lodged in a jail.[13][14] He is yet to be extradited to India as his request for political asylum is pending with the UK Government.[15]

Biography

[edit]

Early life

[edit]

Nirav Modi was born in Palanpur, Gujarat, and grew up in Antwerp, Belgium. His family has been in the diamond business for several generations.[16][17] When he was 19, he and his father Deepak Modi moved to Mumbai to work with his maternal uncle, Mehul Choksi. Choksi is the head of Gitanjali Group, a retail jewellery company with 4,000 stores in India.[18][19]

Modi attended the Wharton School at the University of Pennsylvania but eventually dropped out.[20][21] While studying, he met his future wife, Ami, the daughter of a diamond businessman Amukuraj Choksey.[22]

Career

[edit]

After returning to India in 1989 and training in all aspects of the diamond trading business, Modi founded Firestar in 1999 (formerly known as Firestone), a diamond sourcing and trading company.[23] Firestar is the exclusive distributor of Rio Tinto’s Argyle pink diamonds in India.[24]

In 2002, his company started manufacturing jewellery on a contract basis. He acquired Frederick Goldman in 2005, and Sandberg & Sikorski and A.Jaffe in 2007 in the USA.[25]

In 2008, a close friend asked Modi to make a pair of earrings, after which he created the brand.[26][non-primary source needed] In 2010, he launched a diamond store bearing his name in New Delhi's Defence Colony, followed by one in Mumbai's Kala Ghoda. 17 other store openings followed across the world.[27] Modi launched globally with boutiques in New York City and Hong Kong in 2015, followed by two other boutiques in Hong Kong in 2016[28] and one in MGM Macau in 2016.[29]

He became well known after he designed his "Golconda Lotus Necklace" with an old, 12-carat, pear-shaped diamond as a centerpiece in 2010. The diamond had been previously sold in the 1960s; Modi repolished it.[30] The necklace featured a lattice of white and pink diamonds. It was included on the cover of Christie’s catalogue in Hong Kong and was auctioned for US$3.6 million in 2010.[31][32]

In 2012, another Modi necklace, the Riviere of Perfection, was sold at Sotheby’s Hong Kong auction. This necklace featured 36 flawless white diamonds and weighed a total of 88.88 carats.[33][34]

Dealings with Union Bank of India

[edit]

The Union Bank of India sued Modi in a Hong Kong court. Union Bank claimed in a writ filed at the High Court on 26 September 2018 that Modi guaranteed two loans made to Firestone Trading Private and Firestar Diamond in 2011. The bank demanded that he pay more than $5.49 million plus interest after both firms allegedly defaulted on repayments.[35]

2018 Investigation and Lawsuits (PNB fraud case)

[edit]
Further information: Punjab National Bank Scam

Complaint from Punjab National Bank

[edit]

In February 2018, the Indian government's Central Bureau of Investigation (CBI) launched an investigation of Modi, acting on a complaint from the Punjab National Bank. The complaint alleged that Modi and his partners defrauded the bank of ₹28000 Crore (approximately US$4 billion) by conspiring with bank officials to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers.[36] While ₹28000 Crore is the fraud that has been alleged to date, the potential loss to Punjab National Bank is reported to be up to ₹11000 Crore. The Enforcement Directorate (ED) is also investigating the fraud case that the CBI registered against him.[37]

Modi responded to the bank on 15/16 February 2018, stating that "In the anxiety to recover your dues immediately, despite my offer (on 13 February, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts".[38] Modi estimated his domestic business at around Rs 6,500 Crore, and said "this could have helped reduce/discharge the debt to the banking system," but claimed that this was currently impossible as all his bank accounts had been frozen and assets had been seized.[39]

Arrest and Extradition Case

[edit]

In April 2018, Indian authorities alleged that Modi had found safe haven in Hong Kong and formally requested his arrest.[40] However, a few months later, he applied for asylum in the UK, claiming he was a victim of "political persecution" and denying any wrongdoing.[41][42][43] In March 2019, The Telegraph reported that he was living in an £8 million apartment in London, and Indian authorities requested his extradition from the UK.[44] On 20 March 2019, he was arrested in London after a warrant was issued against him.[45][46] Modi applied for bail in the UK High Court on 3 May, a day after his remand was extended. All his requests for bail have been rejected as of May 2024.[13][14]

On 25 February 2021, a UK court allowed the Indian government's request to have Modi extradited to India as a key defendant in the PNB fraud case.[47] The UK Home Secretary signed the extradition order on 15 April.[48] Modi then had 14 days to appeal the decision to the UK High Court, which he did on 1 May, claiming he would not get a fair trial in India.[49] During the appeal, Modi remained imprisoned at Wandsworth Prison in south-west London.[49] On 23 June 2021, a UK high court rejected Modi's application to appeal his extradition to India.[50]

In December 2022, the Royal Courts of Justice in London refused permission for Nirav Modi to appeal his extradition to the UK Supreme Court and ordered him to pay legal fees of £150,247.[51]

Impact of the Case on Modi's finances and business

[edit]

Initially, a few of Modi's stores remained open for business, including his store at Marina Bay Sands in Singapore;[52] however these have gradually all closed.[53] On 7 March 2018, Modi's firm Firestar Diamond Inc. applied for bankruptcy protection at a Manhattan bankruptcy court, in order to protect its assets in the United States and their revolving credit facility with Israel Discount Bank.[54] His company, A.JAFFE, acquired through his Synergies Corporation, was auctioned in May 2018 and was purchased by Parag Diamond.[55] With the collapse of his brand, Modi's fortune has collapsed.[56] Forbes removed him from their annual billionaires list, and on 9 March 2018, estimated his current wealth to be less than $100 million.[57]

Modi's properties in India, including jewellery, paintings, and real estate, worth about Rs 523 crore (about $75 million) have been seized by the Enforcement Directorate (ED).[58] Previously, Modi had bought a Rs 900 crore sea-facing property in Mumbai's coveted Samudra Mahal properties with his wife Ami Modi.[59]

The ED has also seized four wind power plants, owned by Modi, in Rajasthan with a total capacity of 9.6 megawatt (MW). The plants earn up to Rs 5 crore a year due to a share purchase agreement with Rajasthan's state electricity board. These wind power plants have been operational since 2014. In March 2018, the ED seized a 5.24 MW solar power plant spread over 135 acres in Karjat in Ahmednagar district worth Rs 60 crore. In May 2018, the CBI and the ED had registered two FIRs each to probe the case.[60]

In March 2019, 68 works from Modi's art collection, were sold on behalf of India's income tax department.[61] The artwork was sold for £5.3m including a Vasudeo S. Gaitonde painting that sold for £2.6m.[62] The iconic music store Rhythm House, at Kala Ghoda, Mumbai, whose auction was planned after its value was determined,[63] was bought by Modi in 2017.[64]

On 8 June 2020, the Prevention of Money Laundering Act (PMLA) Court ordered the confiscation of nearly Rs 1,400 crores worth of his property.[65]

The October 2021 Pandora Papers showed that his sister, Purvi Modi, set up an offshore firm just one month before Nirav fled India.[66]

As a result of the fraud case, the Reserve Bank of India has stopped issuing Letters of Undertaking (LoU) and Letters of Comfort (LoC) for imports, which has limited the financial flexibility of importers.[67][68]

In December 2024, the Finance Minister of India - Nirmala Sitaram claimed that the Enforcement Directorate recovered ₹1,052 crore from Nirav Modi's assets and returned the money to banks.[69][70]

It is believed that he was overextended for several years and used new LoUs to pay for the past ones for about seven years.[weasel words] One of his employees has stated that, "He wanted to grow his business, and to do in five years what might otherwise have taken 20 years." He claimed that "If he’d gone public, maybe he could have pledged his equity, raised some money, and finally paid the bank back. Perhaps he would have done that."[71]

2025 Developments in Extradition Proceedings

[edit]

In October 2025, the Government of India assured the United Kingdom that Nirav Modi would not be questioned in connection with the US$2 billion Punjab National Bank (PNB) fraud case if extradited. The assurance, submitted through the UK’s Crown Prosecution Service, was aimed at expediting his extradition process. According to the agreement, Modi would be lodged in Arthur Road Jail, Mumbai, upon arrival in India.[72][73]

Achievements and recognition

[edit]
  • 2010: 1st Indian jeweller to be featured on the covers of Christie's and Sotheby’s Catalogues.[74][75]
  • 2013: Featured on the Forbes list of Indian billionaires.[76]
  • Patents: Jasmine cut diamond, United States Design Patent USD763118S1,[77] JEWELRY DESIGN, United States Design Patent US D738,777 S.[78]

Personal life

[edit]

Nirav Modi is married to Ami Modi.[79][80] They met when both were students at the Wharton School of the University of Pennsylvania, although Nirav Modi left Wharton after a year to return to the diamond business.[81][80]

Ami Modi is a US citizen by birth.[82] She ran the "Nirav Modi Scholarship for Excellence", which supported 250 students every year.[80] Ami and Nirav Modi have three children - two daughters and one son. They have attempted to raise their children conservatively and only use Gujarati in their home.[80]

[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Nirav Modi

View on Grokipedia
from Grokipedia
Nirav Deepak Modi (born 27 February 1971) is an Indian fugitive businessman and jeweler who founded Firestar Diamond in 1999, building a global luxury brand known for high-end jewelry before becoming the prime accused in a major banking fraud. Raised in , , amid a diamond trading background, Modi established operations in , expanding into retail with boutiques in major cities and designs favored by celebrities, achieving reported annual sales nearing $2 billion at peak. In 2018, Modi was implicated in defrauding of approximately Rs 6,498 crore through a scheme involving fraudulent Letters of Undertaking (LoUs) issued without collateral or messaging, enabling his companies to secure overseas credit from other Indian banks; this formed part of a larger Rs 13,578 crore scam linked to similar actions by his uncle . The fraud, executed via collusion with rogue bank officials who bypassed internal controls, surfaced after PNB detected unauthorized guarantees post-January 2018, prompting investigations by India's (CBI) and (ED). Modi fled India shortly before the exposure, relocating to the , where he was arrested in March 2019 on an red notice. Declared a under India's 2018 law, Modi has faced asset confiscations worth over Rs 2,500 crore by the ED, while his U.S.-based Firestar entities filed for amid claims. Incarcerated in a since , he has repeatedly contested on grounds including risks and , with courts approving transfer to as of 2021 but appeals persisting into 2025, including recent bids invoking potential new evidence and asylum claims. The case highlighted systemic vulnerabilities in India's banking, spurring reforms in oversight and digital transaction protocols.

Early Life and Background

Family Origins and Upbringing

Nirav Modi was born on February 27, 1971, into a Jain family of diamond merchants originating from , , a region known for producing generations of traders in the gem industry. His family had been involved in the diamond trade for at least seven generations, with his father, Deepak Modi, and grandfather operating as brokers and cutters in the business. Modi was raised in , —the world's diamond trading hub—where his family relocated shortly after his birth, immersing him from childhood in the industry's operations. He attended school there and was exposed to trade discussions at home, with his father recounting stories of deals and his grandfather demonstrating cutting techniques, though Modi initially aspired to become a music conductor. This environment fostered an early familiarity with , despite his family's base in a city dominated by such commerce.

Education and Entry into Business

Nirav Modi attended the International School during his upbringing in , where his family had established roots in the diamond trade. He later enrolled at the of the , studying and Japanese, but withdrew after one year to pursue opportunities in the family business. In 1990, at the age of 19, Modi relocated from to , , to join his uncle's diamond trading operations, gaining hands-on experience in buying and selling polished over the subsequent decade. This period of immersed him in the operational facets of the diamond industry, building on his family's multi-generational involvement dating back to his grandfather's entry into the trade in the . Modi founded his own company, initially named Firestone and later rebranded as Firestar International, in 1999, marking his independent entry into the processing and export sector. The venture focused on polishing, trading, and exporting , leveraging Modi's acquired expertise to establish a foothold in Mumbai's diamond bourse. By the early , Firestar had expanded internationally, reflecting Modi's shift from familial support to entrepreneurial leadership in the industry.

Business Ventures

Diamond Trade Involvement

Nirav Modi entered the trade drawing on his family's multi-generational involvement in the industry, centered in , , a global hub for diamond processing and trading. After relocating to in the late 1980s, he underwent training in various facets of diamond operations, including cutting, polishing, and wholesale trading, before establishing his own ventures. In 1999, Modi founded Firestar Diamond International Pvt Ltd in , initially as a small operation with about 15 employees focused on , , and export-oriented trading. The firm quickly scaled, establishing subsidiaries such as Firestar Diamond Inc. in New York for international wholesale distribution, and by 2016, it reported annual revenues approaching $2 billion from supply chains. Firestar specialized in sourcing rough diamonds, processing them in Indian facilities, and exporting polished stones primarily to markets in the United States and , leveraging India's position as a low-cost center. Modi's trading operations extended to strategic acquisitions and partnerships, including the purchase of Frederick Goldman's retail division in 2005 for jewelry contract manufacturing and Sandberg & Sikorsky in 2007 to bolster U.S. wholesale capabilities. Firestar secured exclusive distribution rights for Rio Tinto's Argyle pink diamonds in India starting around 2002, enhancing its portfolio in high-value colored stones. These activities positioned Firestar as a key player in the global diamond trade, emphasizing volume exports from Surat's polishing clusters to Antwerp and New York exchanges. The company's model relied on financing imports of rough and exports of polished , often through letters of undertaking from Indian banks to facilitate credit lines with overseas suppliers. By the mid-2010s, Firestar and affiliated entities handled billions in annual diamond transactions, though later investigations alleged irregularities such as round-tripping—exporting and re-importing the same to inflate volumes and claim incentives—a practice reported in industry probes but denied by Modi.

Launch and Expansion of Nirav Modi Brand

Nirav Modi established his luxury jewelry brand in 2010, marking a shift from the loose diamond trading operations of his earlier venture, Firestar Diamond, founded in 1999. The brand debuted in with designs emphasizing rare stones like , minimal settings blending Eastern and Western aesthetics, and patented cuts such as Mughal and Ainra. Early visibility came through high-profile auctions, including a necklace sold for $3.5 million at in and the brand's feature as the first Indian jeweler on and catalog covers. Retail expansion began in 2014 with the opening of the first flagship boutique in New Delhi's , followed by a store in Mumbai's area in 2015. By mid-2015, the brand had established a presence in , culminating in the launch of its U.S. debut on in New York that September, attended by celebrities including . This brought the total to four boutiques at the time, with designs like the $1.65 million Maharani diamond set showcased to target affluent international clients. International growth accelerated in 2016, including a European flagship on London's Old and planned openings in , Bengaluru, and , alongside existing outposts in . The brand leveraged celebrity endorsements, such as at the Oscars and as its ambassador, to build global appeal. By late 2016, it operated five stores worldwide, with ambitions for over 100 boutiques across 12 countries by 2021 and further U.S. expansion into and by 2017. Additional locations in , , and followed before 2018, supported by Firestar's acquisitions like Frederick Goldman in 2005 and Sandberg & Sikorski in 2007 to bolster manufacturing and distribution.

Global Retail and Partnerships

The Nirav Modi brand pursued aggressive international expansion following its launch in , aiming to establish a presence in key luxury markets through owned boutiques. By 2015, the company opened its first U.S. store on in , marking entry into the American market, followed by a outpost in the same year. Expansion continued with plans for eight new stores in 2016, including locations in ’s , , Bengaluru, , and additional sites in . By late 2017, the brand operated 10 boutiques worldwide, with further openings in and bringing the total to 14, including outposts in ’s , ’s , and . Ambitious targets included 30 boutiques across 12 countries by 2021 and up to 100 stores globally by 2025, emphasizing high-end destinations to position the brand alongside established luxury jewelers. Partnerships focused on celebrity endorsements to enhance brand visibility, with Hollywood and Bollywood figures frequently wearing Nirav Modi pieces on red carpets. Actresses such as , , and donned the brand’s diamonds at events, while and Kareena Kapoor promoted it in . High-profile store openings, like the 2015 New York launch attended by Watts and model , leveraged such associations for publicity. The strategy drew from Modi’s prior diamond trading networks but emphasized direct retail control over wholesale retailer ties, avoiding broad distribution partnerships in favor of exclusive boutiques. This approach aligned with the brand’s luxury positioning, though post-2018 fraud allegations led to store closures and asset freezes internationally.

Financial Operations and Banking Ties

Relationships with State-Owned Banks

Nirav Modi's group companies, including Firestar Diamond Private Limited and associated entities, developed extensive credit relationships with (PNB), India's second-largest state-owned lender, primarily for financing imports of rough diamonds and trade activities. These ties involved standard banking facilities such as packing credit and Letters of Undertaking (LoUs), which functioned as guarantees enabling Modi's firms to secure short-term loans from overseas branches of Indian banks for purchasing inventory. The relationships were centered at PNB's Brady branch in , where Modi's entities had been clients since at least 2011, availing facilities that supported their global diamond trading operations. By 2013, the scale of these engagements had expanded, with Firestar Diamond specifically obtaining packing facilities worth Rs 321 from PNB between 2013 and 2017 to facilitate export-oriented imports. Modi's firms also accessed from PNB's international branches, including in and , through entities like Firestar Diamond Ltd and Firestar Diamond FZE , integrating these state-owned bank resources into their financing. Such arrangements were common in the trade, where LoUs allowed importers to defer payments to suppliers while relying on bank assurances, but Modi's dealings with PNB grew disproportionately, involving cumulative LoUs exceeding Rs 12,000 by late 2017. These relationships extended beyond PNB to interactions with other state-owned banks via the mechanism, as PNB-issued undertakings backed credits from foreign desks of lenders like . However, investigations later revealed that while initial facilities appeared routine, they relied on unchecked internal processes at PNB, fostering an environment of high exposure without proportional oversight or collateral verification. Modi's group benefited from these ties to fuel expansion, including retail ventures abroad, prior to the unraveling of irregularities in early 2018.

Mechanics of Letters of Undertaking

A Letter of Undertaking (LoU) functions as a instrument issued by an Authorised Dealer Category-I (AD-I) bank in to the overseas branch of another AD-I bank, facilitating short-term for transactions. In standard operations, an importer requires foreign financing to procure goods, prompting the domestic issuing bank to evaluate the importer's credit profile, enforce margin requirements (often up to 100% collateral such as cash deposits or fixed assets), and verify compliance with limits on trade credit tenor—not exceeding one year, typically structured as an initial 180 days with one permissible rollover of up to 180 days. Upon approval, the issuing bank transmits the LoU, which pledges reimbursement to the lending overseas branch in the event of importer default, enabling the overseas entity to disburse funds directly to the importer or supplier for the import. The mechanics rely on inter-bank trust and regulatory oversight, with the LoU serving as an off-balance-sheet guarantee rather than a direct , allowing the importer to defer while the issuing bank assumes repayment risk backed by domestic collateral. Funds flow through banking channels, and repayment occurs upon realization or maturity, with the issuing bank debiting the importer's account or liquidating pledged assets. Unlike Letters of Credit, LoUs do not involve documentary scrutiny at the point of payment and were historically exempt from mandatory confirmation in certain intra-Indian bank dealings, streamlining issuance but exposing vulnerabilities to internal . RBI guidelines mandated board-approved exposure limits per borrower and periodic reporting to mitigate risks, though pre-2018 practices permitted flexibility in collateral valuation for established clients in sectors like gems and jewelry. In the diamond trade context relevant to entities linked to Nirav Modi, LoUs enabled importers to secure low-cost overseas credit (often at plus a spread) for , with issuing banks like providing undertakings to overseas branches of banks such as or . The instrument's efficiency stemmed from minimal upfront forex outflow from , but required the importer to furnish import bills of entry and evidence of utilization to close the LoU upon maturity, ensuring linkage to genuine . Following the 2018 PNB irregularities, RBI discontinued LoUs for trade credits effective March 13, 2018, mandating substitution with Letters of Credit or standalone bank guarantees subject to stricter SWIFT-based verification and full .

Emergence of Fraud Allegations

In late January 2018, (PNB) detected irregularities at its Brady House branch in when representatives of companies linked to Nirav Modi approached the bank on January 25 for a new Letter of Undertaking () valued at 257 to secure overseas . A review of transaction records revealed that branch officials, including deputy manager Gokulnath Shetty, had issued 1,212 unauthorized LoUs totaling approximately 11,400 (about $1.8 billion at the time) to Modi's firms and those of his uncle since 2011, bypassing the bank's system (CBS) and messaging protocols for . These instruments allowed Modi's entities, such as Firestar Diamond and its affiliates, to obtain short-term from overseas branches of other Indian banks without PNB's approval or collateral backing, as the fraudulent LoUs were not entered into internal ledgers or flagged through automated checks. PNB reported the discrepancies to the Reserve Bank of India (RBI) on January 29, 2018, classifying them as fraudulent transactions involving collusion between bank staff and Modi's representatives. The bank publicly disclosed the issue on February 14, 2018, stating that the fraud stemmed from "certain fraudulent" LoUs issued by two employees, prompting an internal probe that uncovered systemic lapses, including manual processing of SWIFT confirmations without CBS integration, which evaded detection for seven years despite RBI mandates for technological upgrades post-2016 cyber frauds elsewhere. Initial allegations centered on Modi, his family, and associates for inducing bank officials through bribes and falsified documents to generate these backdated guarantees, with PNB estimating potential liability exceeding Rs 14,000 crore as more LoUs surfaced; the Central Bureau of Investigation (CBI) registered a preliminary enquiry on January 29 and an FIR on February 13, formally accusing Modi and Choksi of criminal conspiracy, cheating, and forgery under the Indian Penal Code. Subsequent audits revealed the scheme's reliance on non-integrated legacy systems, highlighting operational failures at PNB rather than sophisticated external hacking.

The Punjab National Bank Case

Discovery and Initial Complaint (2018)

On January 25, 2018, executives from Nirav Modi's Firestar Diamond group approached 's (PNB) Brady House branch in to request fresh Letters of Undertaking (LOUs) for repaying maturing overseas credit lines, a routine process for rolling over short-term finance. During verification, branch officials checked the Society for Worldwide Interbank Financial Telecommunication () system—standard for confirming international guarantees—and found no matching records for prior LOUs issued to Modi's firms, revealing that these had been handled manually outside automated controls to evade detection. The discrepancy traced to collusion between Modi's representatives and PNB deputy manager Gokulnath Shetty, who, along with other staff, had issued fraudulent LOUs without board approval, collateral, or risk provisioning since March 2011, allowing Modi's entities to secure over $2 billion in undeclared credit from foreign branches of Indian banks like and . An internal probe confirmed the bypass of as a deliberate mechanism to conceal the transactions from PNB's system and head office oversight. PNB filed its initial criminal complaint with the (CBI) on January 29, 2018, accusing Modi, his wife Ami Modi, uncle of , and bank employees of cheating through seven unauthorized LOUs worth ₹280.51 crore ($35 million) dating back to 2017. The CBI registered (FIR) RC/0772018/E/0001 under sections of the for criminal conspiracy, cheating, and forgery on January 31, 2018, marking the formal launch of investigations into the collusion. As scrutiny expanded, PNB submitted a follow-up complaint on February 13, 2018, disclosing 143 additional fraudulent LOUs totaling ₹11,119.63 crore ($1.77 billion), bringing the probed amount to over ₹11,400 crore and implicating a broader network of Modi's shell companies. This revelation exposed lapses in PNB's compliance with Reserve Bank of India guidelines on LOU issuance, prompting immediate regulatory intervention and public disclosure to stock exchanges on February 14, 2018.

Scale and Methods of Alleged Fraud

The alleged fraud centered on the fraudulent issuance of 150 Letters of Undertaking (LoUs) and related Foreign Letters of Credit (FLCs) by Punjab National Bank's (PNB) Brady House branch in to companies controlled by Nirav Modi and his uncle , spanning from 2011 to January 2018. Initial disclosures pegged the exposure at approximately ₹11,400 (around $1.8 billion at contemporaneous exchange rates), with (CBI) probes later estimating the total siphoned funds at over ₹13,000 , including defaults on buyer's credit lines from overseas banks. These instruments primarily benefited Modi's entities like Firestar International, Solar Exports, and Stellar Diamonds, which accounted for billions in guarantees for pearl and imports. The core mechanism exploited procedural gaps at PNB, where branch officials manually generated and dispatched SWIFT messages confirming LoUs to foreign branches of Indian banks without recording them in the bank's system (). This non-integration of SWIFT with —intended for internal reconciliation and risk monitoring—allowed guarantees to be issued without mandatory collateral (typically 100% cash margins), end-of-day limits, or oversight from head office, violating guidelines and internal policies. Deputy manager Gokulnath and others used shared login credentials to self-approve and send these messages, fabricating serial numbers and bypassing dual authorization, enabling repeated issuance even as prior LoUs matured unpaid. LoUs functioned as standby guarantees, permitting Modi's firms to obtain short-term buyer's (180 days) from abroad for imports, with funds routed through PNB's Nostro accounts to overseas suppliers—often allegedly over-invoiced or fictitious to inflate trade volumes. Rather than repaying upon maturity, the accused rolled over debts via new LoUs, postponing defaults and accumulating exposures without settling principals, while allegedly diverting proceeds through shell companies or circular transactions. The scheme collapsed in January 2018 when a new branch manager enforced margin requirements, exposing uncollateralized renewals totaling ₹280 initially, triggering CBI FIRs and revelations of systemic lapses like unrotated staff postings (e.g., Shetty's seven-year tenure).

Involvement of Associates and Family

Nehal Modi, Nirav Modi's brother and a Belgian national, has been identified by Indian enforcement agencies as a key participant in laundering proceeds from the alleged , including managing companies that received approximately $50 million from dummy entities linked to the scheme. He was charged with destroying evidence and intentionally assisting in the diversion of funds, as detailed in (ED) chargesheets. On July 4, 2025, Nehal was arrested in the United States pursuant to an Indian extradition request, facing charges related to the ₹13,000 crore (PNB) and associated . Ami Modi, Nirav's wife and a U.S. citizen, was implicated by the ED in 2018 for aiding in the laundering of proceeds and the destruction of evidentiary documents, as part of efforts to conceal transactions tied to fraudulent Letters of Undertaking (LOUs). Investigations revealed her role in handling overseas entities used to route illicit funds from Nirav's diamond trading firms. Mehul Choksi, Nirav Modi's maternal uncle and promoter of , collaborated in the broader PNB fraud through similar misuse of LOUs totaling over ₹13,000 crore across their networks, with shared operational ties in diamond imports and banking dealings. Choksi, who fled in early 2018 alongside Nirav, faced parallel charges for defrauding PNB via unauthorized undertakings, though his entities operated distinctly from Firestar Diamond. Nirav Modi's sister and her husband (his brother-in-law) were initially accused in ED money laundering probes but turned approvers by January 2021, providing testimony against Nirav and receiving pardons in exchange for on asset recovery and transaction details. A further brother-in-law turned approver in September 2025, assisting in delineating family-linked shell companies used for fund diversion. Business associates, including executives at Modi-owned firms like Firestar International, were named in (CBI) chargesheets for facilitating bogus supplier credits and confirmations that enabled the issuance of fraudulent LOUs without collateral. These individuals, often holding operational roles, allegedly executed over 1,200 unauthorized transactions between 2011 and 2017, contributing to the ₹14,000 exposure.

Departure from India

Nirav Modi, the Indian diamond merchant accused in the fraud case, departed on January 1, 2018, traveling from to the using his . His wife, Ami Modi, and brother Neeshal Modi, a Belgian citizen, also left the country around the same time, with Neeshal departing on January 1 as well. This exit occurred nearly a month before the (CBI) received 's complaint on January 29, 2018, regarding the fraudulent issuance of Letters of Undertaking (LoUs), at which point no lookout circular had been issued against him. The timing of Modi's departure has been scrutinized as potentially anticipatory, given that the alleged fraudulent LoUs dated back to 2011 but escalated significantly in 2017, with the last one issued on January 16, 2018—two weeks after his exit—though Modi was not personally named in the initial bank complaint. Indian authorities later moved to impound his on February 15, 2018, following the scam's exposure, but by then Modi had proceeded to destinations including and eventually the before resurfacing in the . No evidence of travel restrictions or prior alerts impeded his initial departure, as confirmed by government records accessed at the time.

Indian Investigations and Charges

The (CBI) registered a (FIR) on February 14, 2018, against Nirav Modi, his associates, and (PNB) officials for a fraud involving fraudulent Letters of Undertaking (LoUs) issued between 2011 and 2017, initially pegged at ₹280 crore but later estimated at over ₹11,400 crore. The FIR invoked Sections 420 (cheating), 415 (cheating and dishonestly inducing delivery of property), and 120B (criminal conspiracy) of the , along with Section 13(2) read with Section 13(1)(d) of the , alleging a conspiracy to cheat PNB by issuing LoUs without proper authorization, collateral, or SWIFT confirmation, enabling Modi to secure overseas for his diamond trading firms. The (ED) promptly filed an Enforcement Case Information Report (ECIR) on February 15, 2018, under the Prevention of Act (PMLA), 2002, to probe the laundering of proceeds from the alleged , identifying shell companies and overseas transfers used to siphon funds. ED investigations revealed that Modi and his entities, including Firestar Diamond and Solar Exports, generated proceeds of crime exceeding ₹4,000 crore through layered transactions involving Dubai-based banks and imports of diamonds and gold, with bank officials complicit in bypassing internal controls. Both agencies filed multiple chargesheets: CBI submitted its initial one on May 2018 naming Modi and 12 others, followed by supplements detailing 150+ fraudulent LoUs and involvement of family members like Modi; ED's provisional attachments under PMLA targeted assets linked to these proceeds. A special PMLA court in declared Nirav Modi a (FEO) on December 5, 2019, under the Fugitive Economic Offenders Act, 2018, confirming his willful flight to evade prosecution and enabling confiscation of assets worth over ₹2,598 identified as proceeds of crime. Non-bailable warrants were issued by Indian courts, and investigations continue to trace global asset trails, with ED reporting additional attachments of ₹29.75 in properties and bank balances as recently as September 2024, tied to the original laundering scheme. The cases emphasize systemic lapses in banking oversight, though no convictions have occurred in absentia due to Modi's status.

International Arrest Warrant

In response to Nirav Modi's flight from India amid investigations into the Punjab National Bank fraud, Indian authorities pursued international mechanisms for his apprehension. The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) requested Interpol to issue a Red Notice, which serves as an international alert requesting member countries to locate and provisionally arrest an individual for extradition or similar legal action. Interpol issued the Red Notice against Modi on June 29, 2018, classifying him as a fugitive wanted for offenses including criminal conspiracy, cheating, criminal breach of trust, and money laundering related to the alleged ₹14,000 crore (approximately $2 billion) scam. This followed a non-bailable issued by a special court on May 23, 2018, in the CBI's case, prompting the escalation to after Modi's whereabouts became international. The Red Notice included Modi's photograph, personal details such as date of birth, and specifics of the charges, facilitating global cooperation without constituting an automatic , as it relies on national authorities' discretion for execution. Despite the notice, Modi's arrest did not occur immediately in jurisdictions outside , highlighting limitations in enforcement where dual criminality or diplomatic factors apply.

Arrest and Initial Detention (2019)

Nirav Modi was arrested in on March 19, 2019, by officers from the Metropolitan Police's Extradition Unit, acting on a warrant issued by the previous day at the request of Indian authorities seeking his on charges related to the fraud. The arrest occurred as Modi attempted to open a , prompting immediate police action based on the outstanding international warrant. Modi appeared before Westminster Magistrates' Court on March 20, 2019, where he was formally charged under the UK's Extradition Act 2003 and consented to his identity but refused extradition to India. District Judge Michael Snow remanded him in custody, citing flight risk due to Modi's resources and history of evading authorities since fleeing India in early 2018; Modi was transferred to HMP Wandsworth, a high-security prison in southwest London, where he has remained detained. Initial bail applications were swiftly denied. On March 27, 2019, Modi's first bail hearing at rejected release, with the judge emphasizing the severity of the allegations—involving over $2 billion in fraudulent letters of undertaking—and Modi's access to hidden assets as factors heightening absconding concerns. A subsequent application in May 2019 was also refused, extending his detention pending the full process. Throughout early proceedings, Modi's legal team argued against custody based on his compliance and lack of prior UK convictions, but courts prioritized the Indian charges' scale and his fugitive status.

Extradition Hearings and Rulings

Nirav Modi refused consent to extradition upon his initial court appearance at Westminster Magistrates' Court on March 20, 2019, initiating formal proceedings under the Extradition Act 2003. The substantive extradition hearing spanned two weeks in May and September 2020 before District Judge Michael Goozée, where the Indian authorities presented evidence of 13 counts including fraud and money laundering totaling approximately $1.75 billion, establishing a prima facie case under dual criminality requirements. Modi contested the charges, arguing insufficient evidence of wrongdoing and raising bars to extradition, including claims of political motivation, lack of fair trial assurances under Article 6 of the European Convention on Human Rights (ECHR), and risk of mistreatment in Indian custody violating Article 3 ECHR due to alleged prison overcrowding and inadequate mental health support. On February 25, 2021, District Judge Goozée ruled in favor of , determining that the offenses were extraditable, a case existed based on statements and linking Modi to fraudulent letters of undertaking from , and no statutory bars applied. The judge rejected Modi's claims, finding his suicide risk assertions unsubstantiated given psychiatric evidence and India's provided assurances on special prison arrangements, medical care, and legal access; he also dismissed specialty waiver concerns, noting the charges aligned with the request. The case was certified for transmission to the Home Secretary, who approved Modi's on April 15, 2021, after reviewing the judicial findings. Modi appealed the decision to the , Division Administrative Court, challenging the district judge's assessment on evidential sufficiency, risks, and procedural fairness. On November 9, 2022, Lord Justice Holroyde and Mr. Justice Saini dismissed the appeal, upholding the lower court's conclusions that the evidence demonstrated Modi's central role in the fraud via shell companies and unauthorized credit, and that India's diplomatic assurances— including avoidance, mental health monitoring, and avoidance of Arthur Road Jail—adequately mitigated Article 3 risks, supported by expert testimony on Indian . The further refused permission to appeal to the , certifying that the case raised no arguable point of law of general public importance, leaving the order final pending any further applications.

Ongoing Appeals and Human Rights Claims

In February 2022, the UK High Court dismissed Nirav Modi's appeal against , rejecting arguments that his would be violated under Article 3 of the (ECHR), which prohibits inhuman or degrading treatment, citing insufficient evidence of a real risk of mistreatment in Indian custody despite claims of overcrowded prisons and inadequate support. The court also dismissed Article 8 ECHR claims regarding interference with private and family life, determining that the in outweighed such considerations, and found assurances from Indian authorities—promising segregated accommodation, prompt medical care, and avoidance of —adequate to mitigate risks. Modi further contended a high suicide risk due to diagnosed depression and prior attempts, arguing Indian facilities lacked proper psychiatric intervention, but the High Court ruled this did not meet the threshold for a substantial , noting his access to treatment in custody had stabilized his condition. These rulings followed earlier rejections of applications, where judges highlighted flight risk given Modi's resources and history of absconding. As of October 2025, Modi has applied to reopen his case before the Administrative Court, with permission granted for a hearing on November 23, 2025, based on purported "sensational developments" including an expert opinion from former Indian Supreme Court Verma. Verma opined that Modi's extradition could expose him to coercive interrogations by multiple Indian agencies, potentially violating fair rights and escalating concerns under Article 3 ECHR through prolonged detention and psychological pressure. Indian authorities have countered with renewed assurances, confirming Modi would face only upon arrival, without immediate arrest, and under monitored conditions to ensure . This reopening bid revives earlier assertions, emphasizing systemic issues in India's custodial practices, though prosecutors maintain prior judicial findings remain robust absent compelling new evidence. Modi has expressed optimism for discharge or , arguing the developments undermine the extradition's foundation, while Prosecution Service prepares to oppose, stressing the fraud's scale—over $2 billion in losses to —justifies swift resolution.

Recent Developments

2021-2024 Updates

On 25 February 2021, Westminster Magistrates' Court District Judge ordered Nirav Modi's extradition to India after concluding that the fraud and money laundering charges met the dual criminality requirement and presented no bars under the UK Extradition Act 2003, including human rights concerns or prison conditions. The UK Home Secretary approved the order later that year, prompting Modi to appeal to the High Court on grounds of unfair trial risks, witness tampering allegations, and inadequate speciality assurances from India. Modi's was dismissed on 9 November 2022, with judges ruling that Indian assurances on fair and non-torture were sufficient and that claims of media or coerced lacked substantiation. On 15 December 2022, the Supreme Court denied permission for further , exhausting Modi's primary legal challenges to the at that stage. Throughout 2021-2024, Modi remained in custody at HMP Thameside, with successive bail applications rejected due to assessed flight risk, including access to hidden assets and prior evasion of arrest. Notable denials included his fifth attempt on 7 May 2024, where the court emphasized ongoing extradition proceedings and lack of new surety evidence. In March 2023, Modi informed the court he lacked funds to pay approximately £500,000 in costs and fines from prior rulings, attributing depletion to asset freezes and legal expenses. By November 2024, Indian officials pressed UK counterparts for expedited extraditions of economic offenders like Modi, highlighting delays despite completed judicial approvals.

2025 Extradition Reopening and Assurances

In August 2025, a in accepted fugitive businessman Nirav Modi's application to reopen his proceedings to , following the exhaustion of prior appeals in 2021. The petition, grounded in claims of potential violations, argues that Modi would face oppressive by multiple Indian agencies—such as the (CBI), (ED), and (SFIO)—rather than solely a fair trial, potentially amounting to torture or inhuman treatment under Article 3 of the . Supporting Modi's bid, former Indian Justice Deepak Verma provided an expert opinion asserting that post-extradition interrogations by various agencies would undermine and expose Modi to undue hardship, given the overlapping probes into the ₹13,000 fraud and related . Verma, who served on the from 2014 to 2016, opined that such multi-agency involvement deviates from standard trial procedures and could prejudice Modi's rights. Indian authorities have contested this testimony as a belated tactic to delay proceedings, emphasizing that investigations concluded with chargesheets filed by the CBI (₹6,498 fraud) and ED (). In response, the Indian government issued formal assurances to authorities, guaranteeing that upon , Modi would face exclusively under existing charges without further , as probes are complete and no additional questioning is required. These include a sovereign commitment to lodge Modi in Road Jail's barrack 12 with access to medical facilities, adherence to Indian legal standards without new charges, and exclusion from custody or actions by non-trial agencies. The has acknowledged the petition, with a substantive hearing scheduled for November 23, 2025, amid Modi's separate hints at impending "sensational developments" in the case.

Business Collapse and Economic Impact

Asset Attachments and Liquidations

The (ED) in has provisionally attached multiple assets belonging to Nirav Modi and his associated entities as part of the investigation into the fraud. On July 22, 2022, the ED attached gems, jewelry, and bank deposits worth ₹253.62 from companies linked to Modi. This brought the total value of seized assets in the case to ₹2,650.07 at that time. Further attachments followed, including 21 immovable properties such as houses and land valued at ₹523.72 , comprising residential and commercial holdings in and other locations. On September 11, 2024, the ED attached additional movable and immovable properties worth ₹29.75 under the Prevention of Money Laundering Act. By December 2024, authorities reported recovering ₹1,052 from Modi's attached assets, which were restored to affected banks including . In the , where Modi resided before his arrest, a ruling on March 27, 2024, permitted the sale of a on , held in trust and valued at no less than £5.25 million (approximately ₹54 at prevailing rates), with proceeds directed to Indian authorities. On April 6, 2024, a court ordered these auction proceeds transferred to the central government, noting the property among 68 attached assets totaling ₹329.66 . Modi's companies faced proceedings amid the . Firestar Diamond Inc., his primary U.S. entity, filed for Chapter 11 protection in a New York court on February 27, 2018, followed by affiliates A. Jaffe Inc. and Fantasy Inc. On November 18, 2019, a U.S. court confirmed a plan for these firms. In , the (NCLT) ordered the of flagship firm Firestar International Pvt Ltd on August 17, 2021, appointing Shantanu T. Ray as liquidator; this included auctions of diamonds and jewelry scheduled for March 25, 2023. Between May and August 2018, 16 Modi-linked firms initiated voluntary under the Insolvency and Bankruptcy Code.

Effects on Creditors and Diamond Industry

The (PNB), the primary creditor affected, reported a total liability of ₹14,356.84 stemming from fraudulent letters of undertaking (LoUs) issued to entities controlled by Nirav Modi between 2011 and 2018, which enabled unauthorized credit from overseas branches of other Indian banks. PNB was compelled to compensate affected banks such as and , leading to substantial provisions against losses that eroded its capital base and contributed to quarterly net losses exceeding ₹1,000 in fiscal year 2018. The permitted PNB to amortize these provisions over four quarters to mitigate immediate strain, but the episode nonetheless triggered a sharp decline in PNB's share price by over 20% in February 2018 and necessitated government recapitalization of banks totaling ₹2.11 that year to offset fraud-related stresses. Secondary creditors, including diamond suppliers and trade partners of Modi's firms, faced disruptions from asset freezes and filings; for instance, Firestar International, a Modi-controlled entity, sought Chapter 11 protection in a U.S. court in February 2018, delaying claims resolution and exposing unsecured creditors to potential haircuts amid liquidation proceedings. While limited recoveries occurred—such as ₹24.33 repatriated to PNB from U.S. asset sales in August 2020—the overall creditor impact included heightened provisioning norms across banks, with gross non-performing assets in the sector rising to 11.2% by March 2018 partly due to such exposures. The scam precipitated a credit squeeze in the Indian diamond sector, which relies on short-term import financing for rough stones and exports of polished gems; bank lending to gems and jewelry fell 14% from March to October 2018, as lenders demanded 30-40% higher collateral and curtailed exposure following regulatory scrutiny. This tightening exacerbated an industry slowdown, with polished diamond exports dropping 18% and rough diamond imports declining 22% in the first seven months of fiscal year 2019 compared to the prior year, contributing to broader economic pressures including a GDP growth dip to 4.5% in the July-September 2019 quarter. In Surat, the polishing hub employing over 1 million workers, skilled artisans reported income reductions exceeding 70%, while smaller firms—least equipped for collateral hikes—faced liquidity crunches and reduced stocking capacity, amplifying vulnerabilities in a sector contributing 7% to India's GDP and 15% to merchandise exports. The Reserve Bank of India's halt on LoU financing, though minimally used in diamonds, signaled enduring caution among banks, fostering a prolonged risk-averse stance toward trade-based lending.

Recovery Efforts by Authorities

The (ED) of , under the Prevention of Money Laundering Act (PMLA), has led recovery efforts by attaching assets linked to Nirav Modi and his entities in the Punjab National Bank (PNB) fraud case, with a focus on restitution to affected banks. As of December 2024, the ED had restored assets worth ₹1,052.58 crore to public sector banks and private banks from Modi's case, contributing to broader recoveries from fugitive economic offenders. In June 2025, a special CBI court in ordered the ED to release attached properties worth ₹66.33 belonging to Nirav Modi and his sister Purvi Modi—including flats and shares—to a led by PNB for , aiming to offset losses exceeding ₹8,526 inflicted on the banks by Modi's group. This followed petitions by PNB seeking restitution of seized assets to facilitate recovery through liquidation. Additional attachments continued into 2024, with the ED seizing properties valued at ₹30 in September, primarily immovable assets in tied to Modi's proceeds. Earlier recoveries included ₹24.33 remitted to PNB in August 2020 as the initial tranche from overseas realizations. PNB anticipated further recoveries of ₹50-100 from related accounts as of 2023, amid ongoing probes into siphoned funds totaling around ₹14,000 . These efforts have involved coordination with international agencies for foreign asset seizures, though actual restitutions remain a small fraction of the fraud's scale, limited by asset dissipation and jurisdictional challenges prior to Modi's flight in early 2018. The ED's approach emphasizes provisional attachments followed by court-ordered auctions, with restitutions prioritized for victim banks over punitive measures.

Achievements and Contributions

Brand Innovations and Market Success

Nirav Modi launched his eponymous luxury jewelry brand in , positioning it as a high-end with the tagline "Haut ," emphasizing pieces that blended traditional craftsmanship with modern wearability. The brand innovated by focusing on lightweight, versatile designs—such as earrings and necklaces crafted for everyday elegance rather than ostentatious display—allowing diamonds to be incorporated into comfortable, scalable luxury items that appealed to a global clientele beyond conventional heirloom jewelry. This approach differentiated Nirav Modi from competitors by prioritizing ergonomic innovation, enabling pieces to transition from red-carpet events to casual settings, as evidenced by designs worn by celebrities like at the 2015 Oscars. The brand achieved rapid through strategic international expansion, opening flagship stores in key luxury hubs including New York City's Madison Avenue in 2015 and London's Old in 2016, with plans for additional outposts in cities like and by 2017. Sales growth was bolstered by high-profile endorsements, with pieces featured on actresses such as at store openings and at the 2018 Golden Globes, contributing to reported annual revenues exceeding $2 billion for the parent Firestar Diamond entity by 2016. A pivotal push came in 2017 with a global starring and , which amplified brand visibility across print, digital, and red-carpet platforms, positioning Nirav Modi as a bridge between Indian diamond heritage and Western luxury markets. This celebrity alignment, combined with efforts like acquiring stakes in diamond mines to control supply chains, enabled the brand to scale production while maintaining claims of ethical sourcing and , fostering a of in an industry traditionally reliant on fragmented trading. By mid-2017, the brand operated over a dozen boutiques worldwide, marking it as one of the fastest-growing Indian luxury jewelry labels in global markets.

Industry Recognition and Economic Role

Nirav Modi's Firestar International emerged as a prominent player in the global by the early , specializing in sourcing, , and exporting , with a focus on high-value colored stones from regions including , , and . The company achieved annual sales of approximately $2.3 billion by March 2017, positioning it as a key contributor to India's diamond sector, which processes over 90% of the world's polished . Firestar's operations supported employment and integration in hubs like , while Modi's —from mining stakes to retail—enhanced efficiency in a Rs 70,000 industry. Modi pioneered client-specific diamond assortments by size, color, and weight in the , differentiating Firestar from traditional bulk trading and facilitating jewelry production for international markets. His firm reported a turnover of nearly Rs 10,800 in FY14, reflecting substantial economic scale before expanding into luxury retail with boutiques in New York, , , and . In terms of industry recognition, Modi developed four proprietary cuts—Endless, Jasmin, Ainra, and Mughal—tailored for enhanced brilliance in high-end jewelry, marking innovations in Indian processing. His brand gained acclaim for featuring rare stones in celebrity-endorsed pieces, such as a $1.65 million emerald and suite showcased in New York in 2015, earning him the moniker "Diamond King" in Indian media for building a reported $2 billion empire. By 2014, Modi's was estimated at $1.52 billion, underscoring his influence in elevating India's profile in luxury .

Criticisms and Counterarguments

Allegations of Systemic Banking Failures

The (PNB) fraud involving Nirav Modi, uncovered in January 2018, involved fraudulent Letters of Undertaking (LoUs) totaling approximately Rs 11,400 crore issued to Modi's companies and associates from 2011 onward, which experts have attributed to broader systemic lapses in banking controls rather than isolated misconduct. These LoUs, used to secure overseas credit without proper collateral or authorization, bypassed the bank's system (CBS) through the SWIFT messaging network, which was not integrated with internal ledgers, allowing over 1,200 unauthorized transactions to evade detection for years. Internal PNB reports highlighted the absence of daily SWIFT reconciliations—a standard operational safeguard—as a key enabler, compounded by the reuse of the same SWIFT transaction numbers for seven years in dealings with Modi and Mehul Choksi's firms. Regulatory oversight failures amplified these internal weaknesses, with the (RBI) conducting its last comprehensive of PNB in 2009, creating a nine-year gap despite annual inspection norms, as noted in PNB's submission to the finance ministry. Concurrent and statutory auditors, including those under RBI purview, overlooked off-the-books LoU activities, partly due to inadequate audit fees leading to superficial reviews, while PNB's Brady branch ignored a 3.3-fold surge in transactions from 2016 to 2017 and issued false compliance certificates from regional offices. Non-adherence to RBI's 2016 advisory on system audits further exposed vulnerabilities, with 54 PNB officials—from clerks to regional managers—implicated in facilitating or concealing the irregularities, indicating lapses beyond a single branch. Experts such as J.N. Gupta of SES and Rakesh Nangia of Nangia & Co. described the scam as a "collective failure" of banking processes, risk management, and governance in public sector banks, where unchecked employee powers—such as unlimited approvals granted to branch officials like Gokulnath Shetty—and poor due diligence on high-value clients enabled sustained fraud. These allegations underscore recurring issues in Indian public sector banks, including high non-performing assets (NPAs) linked to similar control gaps, though PNB management initially framed it as an "operational failure" limited to one branch, a characterization contested by internal probes revealing multi-level complicity. The episode prompted calls for enhanced technological integration, stricter RBI enforcement, and better internal audits to mitigate operational risks across the sector.

Defenses Against Political Persecution Claims

UK courts have repeatedly dismissed Nirav Modi's assertions of political persecution, emphasizing the strength of evidence in the (PNB) fraud case over claims of governmental vendetta. In a February 2021 ruling, Judge Sam Goozée found a case for and , rejecting arguments of political motivation and critiquing supporting affidavits from retired Indian judges Abhay Thipsay and as lacking substance or relevance to Modi's circumstances. The judge noted that the prosecution's foundation lay in verifiable financial irregularities, not extraneous political factors, with Modi's flight to the in early 2018—prior to the scam's public exposure—undermining narratives of targeted harassment. Central to countering persecution claims is the documented mechanics of the scam: between 2011 and 2017, Modi's firms obtained fraudulent Letters of Undertaking (LOUs) worth approximately ₹14,000 crore from PNB's branch, issued without collateral, SWIFT confirmation, or board approval through collusion with bank officials Gokulnath Shetty and Manoj Kharat. PNB's January 2018 internal audit revealed these unauthorized guarantees, triggering (CBI) probes that uncovered evidence of witness threats and document tampering by Modi and associates, independent of any political timeline. This timeline aligns with the (UPA) government's tenure for the scam's initiation, predating the (BJP) administration, which refutes selective targeting and aligns with routine enforcement against economic offenses involving public banks. Further judicial scrutiny in the UK, including the 2021 approval and subsequent appeal denials, affirmed that Indian trials would not violate Article 3 of the , with no "flagrant denial of justice" due to media coverage or alleged bias—factors deemed manageable via standard judicial safeguards like and closed proceedings. Prosecutorial actions by the (ED) and CBI focus on asset recovery—yielding over ₹1,000 crore in attachments by 2023—and creditor restitution, consistent with handling parallel cases like , rather than ideological persecution. Modi's repeated denials, including in 2020, hinged on flight risk and evidence tampering incentives, not political reprisal. These rulings underscore a process driven by empirical financial losses to a state-owned entity, not unsubstantiated motives.

Broader Lessons on Crony Capitalism

The Nirav Modi fraud, involving fraudulent Letters of Undertaking (LoUs) worth approximately ₹11,400 crore (US$1.8 billion) issued by Punjab National Bank (PNB) between 2011 and 2017, exemplifies how crony relationships between private borrowers and public sector bank officials can erode institutional safeguards. Bank employees, including deputy managers Gokulnath Shetty and Manoj Kharat, allegedly bypassed SWIFT messaging protocols and RBI guidelines by issuing unauthorized LoUs to Modi's firms, allowing credit from overseas branches without collateral or board approval, a practice facilitated by unchecked internal collusion rather than arm's-length scrutiny. This relational lending model, prevalent in India's state-dominated banking sector, prioritizes borrower connections over risk assessment, contributing to a broader non-performing assets (NPA) crisis where PSBs wrote off loans exceeding $38 billion from 2013 to 2017, often linked to politically influenced decisions. Crony capitalism in this context thrives on the opacity of government-owned banks, where political appointees and bureaucratic stifle ; PNB's failure to integrate systems with until after the scam's exposure in January 2018 highlights regulatory lapses that enable such schemes to persist undetected for years. Unlike private banks with incentives for , PSBs face from implicit government bailouts, allowing defaulters like Modi—who fled in early 2018 amid the probe—to exploit taxpayer-funded institutions without personal repercussions until extradition efforts began. The case underscores causal links between state control and fraud: high-profile defaults, including Modi's, correlate with PSB dominance, where lending decisions often align with informal networks rather than creditworthiness, distorting capital allocation and burdening public finances. Reforms post-scam, such as RBI's 2018 mandate for reporting and enhanced LoU oversight, reveal the need for structural shifts away from , including to introduce market discipline and reduce political interference in lending. Yet persistent NPAs—reaching 11.2% of advances in PSBs by March 2018—demonstrate that incremental fixes fall short without addressing root incentives: when banks serve as extensions of state power, they foster environments where insiders and connected elites capture value at public expense, perpetuating cycles of and inefficiency. from similar cases, like Vijay Mallya's default, reinforces that India's banking woes stem from systemic favoritism, not isolated malfeasance, demanding rigorous depoliticization for sustainable growth.

Personal Life and Lifestyle

Family and Relationships

Nirav Modi is the son of Deepak Modi, a Belgian national from a background in diamond trading. His siblings include two younger brothers, and Neeshal, both Belgian nationals, and a sister, Purvi, who is married to Maiank. Nirav Modi is married to Ami Modi, a citizen. The couple has three children, including a son named Rohin. Ami Modi and the children reside in the United States.

Pre-Scandal Public Image

Prior to the fraud allegations surfacing in January 2018, Nirav Modi was widely regarded as a prominent and innovative figure in the international and luxury jewelry sector. He established Firestar International (initially known as Firestone) in 1999, building it into a major trading and enterprise with reported annual revenues reaching $2.3 billion by the mid-2010s. In 2010, Modi launched his eponymous high-end jewelry brand, which quickly gained acclaim for designs, including a standout lotus necklace sold for $3.8 million at auction in that year. The brand's expansion included flagship boutiques in New York (opened in 2015 on ), , , and , with plans announced in 2016 for eight additional international stores in locations such as in , , and Bengaluru. Modi's public persona emphasized glamour and celebrity endorsement, positioning him as a "jeweler to the stars" favored by high-profile figures in Bollywood and Hollywood. Actresses such as (named brand ambassador in 2017), , , , and wore his pieces at red-carpet events and photo shoots, enhancing the brand's visibility through billboards in major Indian cities and global media coverage. Within the , peers viewed him as reliable, often noting his practice of settling payments within days after receiving goods, which contributed to his reputation as a trusted merchant in and Surat's polishing hubs. This image of entrepreneurial success—from a low-paid trainee in the to a self-made —portrayed Modi as a symbol of aspiration in India's gem industry, with no prior public reports of financial misconduct. His ventures were celebrated for elevating Indian jewelry on the world stage, attracting elite clientele including British royalty and business figures.

Media and Cultural Representation

News Coverage and Documentaries

The (PNB) fraud involving Nirav Modi first gained widespread media attention in February 2018, when the bank disclosed fraudulent letters of undertaking (LoUs) worth approximately ₹11,400 crore (about $1.8 billion at the time), implicating Modi and his associates in issuing unauthorized credit to import diamonds and gold. Indian outlets like detailed the mechanics of the scam, explaining how Modi's firms exploited messaging system loopholes to bypass internal checks, enabling repeated fraudulent transactions over seven years. International coverage, including from and Bloomberg, highlighted Modi's profile as a celebrity jeweler to figures like , contrasting his luxury brand with the alleged conspiracy involving bank insiders. As investigations progressed, news reports tracked Modi's flight from in early 2018 and his in in March 2019 on a warrant. BBC coverage emphasized the scam's scale as one of 's largest banking frauds, with arrests of Modi's uncle and bank officials underscoring systemic vulnerabilities. profiled Modi as the architect of 's "biggest ever banking scam," noting links to U.S. firms involved in the fraud, as revealed in proceedings. proceedings dominated subsequent reporting from 2019 onward, with reporting Modi's last public sighting in Britain in March 2018 before his hiding. By 2025, coverage shifted to legal maneuvers, including Modi's October application to reopen his appeal citing potential "interrogation" risks in and hints of "sensational developments," as reported by and , amid assurances from Indian authorities of a fair trial. Documentaries on the case include the 2020 Netflix series Bad Boy Billionaires: , whose episode "Diamonds Aren't Forever" chronicles Modi's ascent from diamond trader to , detailing the PNB fraud's execution through insider and its economic fallout. The episode, directed by Dylan Mohan Gray, features interviews with journalists and analysts explaining the LoU mechanism and Modi's global asset trail, receiving praise for its investigative depth on corruption enablers in n banking. While no major standalone broadcast documentaries emerged, the series' release sparked renewed media scrutiny, with Entrepreneur noting its exposure of greed-driven systemic failures in profiling tycoons like Modi alongside Vijay . Shorter investigative videos on platforms like , such as those recapping the scam's timeline, supplemented but did not supplant the Netflix production's reach.

Public Perception Shifts

Prior to the exposure of the (PNB) fraud in early , Nirav Modi was widely regarded in and internationally as a successful luxury jeweler and entrepreneur who had elevated the global profile of Indian diamond craftsmanship. His eponymous brand, launched in 2010, gained prominence through high-profile endorsements and red-carpet appearances by celebrities such as , , and , positioning Modi as a purveyor of extravagant, bespoke synonymous with glamour and exclusivity. Media outlets like Vanity Fair highlighted his designs adorning Hollywood stars, fostering an image of Modi as an innovative who had transitioned from roots to a modern luxury empire valued at hundreds of millions. The public revelation of the ₹11,400 (approximately $1.8 billion) PNB on February 14, 2018—alleging unauthorized letters of undertaking issued to Modi's firms from 2011 to 2017—precipitated a rapid and stark reversal in perception. Modi, who fled on January 1, 2018, alongside relatives, became synonymous with large-scale financial malfeasance, with Indian media and public discourse framing him as the architect of the country's largest banking fraud, eroding trust in public-sector institutions. This shift was amplified by the timing, as Modi had attended the in weeks earlier, juxtaposing his elite networking against the 's scale, which involved defrauding a state-owned through systemic internal . Post-scandal, Modi's image solidified as that of a emblematic of elite impunity, with widespread Indian public outrage focusing on the of unchecked in lending practices. Celebrities who had previously endorsed his brand, including , publicly distanced themselves amid reputational fallout, underscoring the brand's unmaking from aspirational luxury to tainted symbol. By 2018, surveys and commentary reflected diminished admiration for such tycoons, with the case fueling broader skepticism toward billionaire-driven economic narratives in , though some international coverage retained a neutral biographical tone before legal convictions. As of 2025, ongoing battles in the UK have sustained his portrayal as a protracted legal evader rather than a reformed figure, with limited evidence of perceptual rehabilitation.

References

  1. https://www.opensanctions.org/entities/Q61468097/
  2. https://www.cnbc.com/2016/06/10/firestar-diamonds-nirav-modi-indias-cutting-edge-jewelry-billionaire.html
  3. https://www.forbes.com/profile/nirav-modi/
  4. https://cbi.gov.in/press-detail/Njk5Mg==
  5. https://cbi.gov.in/assets/files/media/706161712PC%2520dated%252019.09.2025.pdf
  6. https://cbi.gov.in/press-detail/NDM5NA==
  7. https://cbi.gov.in/press-detail/NTMxNA==
  8. https://gulfnews.com/world/asia/india/nirav-modi-when-diamonds-are-not-forever-1.2175970
  9. https://www.goodreturns.in/nirav-modi-net-worth-and-biography-blnr3950.html
  10. https://www.thehindu.com/news/national/pnb-fraud-the-rise-and-fall-of-nirav-modi/article61481844.ece
  11. https://dujour.com/news/diamantaire-nirav-modi-master-diamond-cutter/
  12. https://www.bbc.com/news/business-43081499
  13. https://www.indiatoday.in/india-today-insight/story/from-the-india-today-archives-2018-how-nirav-modis-glittery-empire-went-bust-2284546-2022-10-12
  14. https://timesofindia.indiatimes.com/city/mumbai/who-is-nirav-modi/articleshow/62926195.cms
  15. https://www.smh.com.au/world/asia/behind-bars-india-s-diamond-king-nirav-modi-s-fall-from-grace-20190423-p51gf4.html
  16. https://m.thewire.in/article/law/nirav-modi
  17. https://qz.com/india/1718731/how-nirav-modi-and-mehul-choksi-built-a-diamond-empire
  18. https://www.bloomberg.com/news/articles/2018-03-15/the-diamond-tycoon-behind-india-s-alleged-2-billion-bank-fraud
  19. https://buymygold.com/artists/india-designers/nirav-modi.html
  20. https://www.forbesindia.com/article/india-rich-list-2014/why-diamonds-are-nirav-modis-best-friends/38759/1
  21. https://www.reuters.com/article/world/firestar-diamond-company-owned-by-nirav-modi-files-for-bankruptcy-idUSKCN1GB1AW/
  22. https://timesofindia.indiatimes.com/city/surat/nimo-had-history-of-round-tripping-diamonds/articleshow/62953164.cms
  23. https://www.telegraph.co.uk/luxury/jewellery/rise-fall-nirav-modi-celebrated-diamond-jeweller-became-biggest/
  24. https://www.forbes.com/sites/jimdobson/2015/09/25/nirav-modi-indias-billionaire-diamond-king-opens-new-boutique-in-new-york/
  25. https://wwd.com/accessories-news/jewelry/indian-jeweler-nirav-modi-opens-new-york-hong-kong-stores-10236776/
  26. https://m.economictimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/jewellery-designer-nirav-modi-eyes-expansion-into-global-high-street/articleshow/51114591.cms
  27. https://wwd.com/fashion-news/fashion-scoops/feature/jeweler-nirav-modi-to-open-hawaii-las-vegas-boutiques-11037470/
  28. https://nationaljeweler.com/articles/fashion/style/6013-nirav-modi-expanding-across-us
  29. https://us.fashionnetwork.com/news/Indian-diamond-jewelry-brand-nirav-modi-to-open-8-international-stores%2C660851.html
  30. https://www.livemint.com/Leisure/U1SwXdhbZwWvUuaqOIschK/The-rise-and-reach-of-Nirav-Modi.html
  31. https://www.nytimes.com/2018/04/03/world/asia/nirav-modi-india-banks.html
  32. https://timesofindia.indiatimes.com/business/india-business/hollywood-stars-glittered-in-his-gems-on-red-carpet/articleshow/62924145.cms
  33. https://theeyeofjewelry.com/jewelry/nirav-modi-the-biggest-scam-of-the-jewelry-industry/
  34. https://m.economictimes.com/news/india/explainer-how-nirav-modi-cheated-pnb-of-rs-14000-crore-through-fraudulent-lous/articleshow/95410291.cms
  35. https://www.reuters.com/article/world/eyes-wide-shut-the-18-billion-indian-bank-fraud-that-went-unnoticed-idUSKCN1G20NY/
  36. https://timesofindia.indiatimes.com/business/india-business/cbi-files-fresh-case-against-nirav-modi-for-cheating-pnb-of-rs-321-crore-by-availing-packing-credit/articleshow/63208534.cms
  37. https://www.hindustantimes.com/business-news/nirav-modi-firms-availed-loans-from-pnb-s-hong-kong-dubai-branches-too-report/story-wyZQuNEVtBmWEkhgbc6soM.html
  38. https://www.business-standard.com/about/what-is-pnb-scam
  39. https://thewire.in/banking/systemic-issues-enabled-punjab-national-bank-scam-flagged-years-ago
  40. https://www.rbi.org.in/commonman/english/scripts/Notification.aspx?Id=2630
  41. https://byjus.com/free-ias-prep/letter-undertaking-lou/
  42. https://vinodkothari.com/2018/03/rbi-discontinues-lous-and-locs/
  43. https://www.reuters.com/article/business/how-pnb-says-it-fell-victim-to-indias-biggest-loan-fraud-idUSKCN1GA0WD/
  44. https://m.economictimes.com/news/economy/policy/rbi-discontinues-letters-of-underataking-letters-of-comfort-as-trade-credits/articleshow/63287180.cms
  45. https://economictimes.indiatimes.com/news/india/explainer-how-nirav-modi-cheated-pnb-of-rs-14000-crore-through-fraudulent-lous/articleshow/95410291.cms
  46. https://www.thehindu.com/news/national/a-swift-autopsy-how-nirav-modi-defrauded-pnb/article61479527.ece
  47. https://economictimes.indiatimes.com/markets/stocks/news/how-the-1-8-billion-indian-bank-fraud-lasted-7-years/articleshow/63012762.cms
  48. https://www.reuters.com/article/us-punjab-natl-bank-fraud/indias-pnb-bank-fraud-likely-to-swell-beyond-2-billion-mark-idUSKCN1GI1GO
  49. https://www.thehindu.com/business/Industry/all-you-need-to-know-about-nirav-modi-and-the-177-billion-pnb-fraud/article22753973.ece
  50. https://www.reuters.com/article/world/exclusive-lapses-at-many-levels-of-bank-led-to-huge-pnb-fraud-internal-report-idUSKBN1JG008/
  51. https://www.livemint.com/Companies/7zQvBwuOrZh88hxwvC309J/PNB-fraud-How-Nirav-Modi-pulled-off-the-great-Indian-bank-r.html
  52. https://indianexpress.com/article/explained/inside-the-pnb-fraud-what-an-lou-is-how-case-may-impact-the-bank-nirav-modi-5064357/
  53. https://www.bloomberg.com/news/articles/2018-02-21/timeline-to-the-discovery-of-india-s-biggest-ever-bank-fraud
  54. https://timesofindia.indiatimes.com/business/india-business/how-mehul-choksi-and-nirav-modi-pulled-off-multi-billion-dollar-pnb-scam/articleshow/120272112.cms
  55. https://www.thehindu.com/news/national/pnb-nirav-modi-case-chronology-of-events/article33932484.ece
  56. https://timesofindia.indiatimes.com/business/india-business/pnb-scam-chronology-of-nirav-modis-case/articleshow/81209698.cms
  57. https://economictimes.indiatimes.com/industry/banking/finance/banking/how-pnb-was-defrauded-the-great-bank-heist/articleshow/62940391.cms
  58. https://www.thehindu.com/news/national/nirav-modis-brother-nehal-modi-held-in-us-on-extradition-request-from-india/article69776154.ece
  59. https://indianexpress.com/article/business/pnb-fraud-case-others-in-family-helped-nirav-modi-launder-money-destroy-evidence-ed-tells-court-5215104/
  60. https://m.economictimes.com/news/new-updates/who-is-nehal-modi-nirav-modis-brother-arrested-in-pnb-fraud-case/articleshow/122268125.cms
  61. https://indianexpress.com/article/india/nehal-modi-arrest-us-extradition-india-request-ed-cbi-pnb-scam-10108016/
  62. https://www.ndtv.com/india-news/nirav-modis-brother-in-law-turns-approver-in-pnb-case-pardoned-by-court-9350762
  63. https://www.indiatoday.in/india/story/nirav-modi-sister-relatives-turn-approver-in-pnb-scam-case-1756294-2021-01-06
  64. https://timesofindia.indiatimes.com/business/india-business/nirav-modi-left-india-with-family-in-first-week-of-jan/articleshow/62930416.cms
  65. https://www.nationalheraldindia.com/international/how-did-nirav-modi-fly-to-new-york
  66. https://www.business-standard.com/article/finance/pnb-fraud-nirav-modi-left-india-with-family-in-first-week-of-january-118021500717_1.html
  67. https://www.wionews.com/india-news/pnb-scam-this-is-how-nirav-modi-planned-his-safe-exit-from-india-33071
  68. https://www.ndtv.com/india-news/nirav-modi-left-india-on-january-1-before-cbis-complaint-and-lookout-notice-officials-1813169
  69. https://timesofindia.indiatimes.com/business/india-business/pnb-fraud-nirav-modi-left-india-with-family-in-first-week-of-january/articleshow/62930682.cms
  70. https://www.ndtv.com/india-news/nirav-modis-mumbai-showroom-raided-after-punjab-national-bank-complaint-1812984
  71. https://www.ndtv.com/india-news/pnb-scam-involving-nirav-modi-how-the-events-unfolded-1816057
  72. https://www.judiciary.uk/wp-content/uploads/2022/07/GOI-v.-Nirav-Modi-judgment.pdf
  73. https://www.indiatoday.in/india/story/after-cbi-nirav-modi-now-under-ed-scanner-in-rs-11-400-crore-pnb-fraud-case-top-developments-1169935-2018-02-15
  74. https://enforcementdirectorate.gov.in/sites/default/files/latestnews/Press%2520Release%2520--%2520Nirav%2520Modi%252C%2520PNB%2520Fraud%2520Case-11.09.2024.pdf
  75. https://www.newindianexpress.com/business/2022/Nov/09/here-is-a-timeline-of-the-usd-2-billion-nirav-modi-case-2516606.html
  76. https://www.thehindu.com/news/national/pnb-fraud-nirav-modi-declared-fugitive-economic-offender/article61610818.ece
  77. https://www.livemint.com/news/india/ed-attaches-properties-bank-balance-worth-rs-29-75-crore-of-fugitive-nirav-modi-11726057359079.html
  78. https://enforcementdirectorate.gov.in/red-corner-notices
  79. https://www.hindustantimes.com/india-news/explained-what-is-interpol-red-notice-and-how-it-will-affect-nirav-modi-s-wife/story-VnWY1EtlGWHhgtRdcOv6ZK.html
  80. https://www.thehindu.com/news/national/interpol-issues-red-notice-against-nirav-modi/article61518424.ece
  81. https://www.indiatoday.in/india/story/despite-red-corner-notice-against-nirav-modi-arrest-not-immediate-1274946-2018-07-02
  82. https://www.cnn.com/2019/03/20/asia/nirav-modi-arrest-intl
  83. https://www.nytimes.com/2019/03/21/business/nirav-modi-arrested-fraud-jewelry.html
  84. https://www.judiciary.uk/wp-content/uploads/2022/11/2022-EWHC-2829-Admin-CO-1537-2021-Modi-v-Government-of-India-Approved-Judgment.pdf
  85. https://www.thehindu.com/news/international/nirav-modi-claims-sensational-developments-to-come-in-uk-extradition-case/article70181624.ece
  86. https://timesofindia.indiatimes.com/business/india-business/extradition-case-nirav-modi-signals-sensational-developments-ahead-of-hearing-expresses-hope-for-bail-or-discharge/articleshow/124672930.cms
  87. https://www.hindustantimes.com/cities/bengaluru-news/exsc-judge-provides-opinion-for-nirav-modi-s-extradition-petition-101761333227289.html
  88. https://www.newsbytesapp.com/news/india/uk-court-allows-nirav-modi-to-reopen-extradition-appeal/tldr
  89. https://www.financialexpress.com/india-news/who-is-justice-deepak-verma-ex-sc-judge-backs-nirav-modis-plea-to-reopen-extradition-case-in-london/4021015/
  90. https://www.indiatoday.in/world/uk-news/story/nirav-modi-hints-at-sensational-developments-ahead-of-extradition-hearing-in-uk-glbs-2805301-2025-10-19
  91. https://www.firstpost.com/india/nirav-modi-signals-sensational-developments-in-2-billion-pnb-fraud-extradition-case-ahead-of-london-hearing-13943322.html
  92. https://thefederal.com/international/nirav-modi-loses-bid-to-appeal-against-extradition-to-india-in-uk-supreme-court
  93. https://www.thehindu.com/news/national/uk-court-rejects-fifth-bail-plea-of-pnb-scam-accused-nirav-modi/article68150330.ece
  94. https://timesofindia.indiatimes.com/business/india-business/nirav-modi-claims-he-has-no-funds-to-pay-uk-court-fines/articleshow/98548421.cms
  95. https://www.hindustantimes.com/india-news/india-pushes-uk-for-faster-extraditions-101731697146354.html
  96. https://timesofindia.indiatimes.com/business/india-business/extradition-case-nirav-modi-will-only-face-trial-no-interrogation-india-tells-uk-hearing-on-nov-23/articleshow/124304908.cms
  97. https://www.outlookindia.com/national/ex-sc-judges-opinion-fuels-nirav-modis-bid-to-stall-extradition-in-uk
  98. https://www.ndtv.com/india-news/nirav-modis-assets-worth-rs-250-crore-seized-by-enforcement-directorate-3184206
  99. https://www.livemint.com/news/india/ed-attaches-nirav-modi-s-movable-properties-worth-rs-253-cr-total-seized-assets-reach-rs-2-650-07-cr-11658492636822.html
  100. https://www.taxtmi.com/news?id=19657
  101. https://indianexpress.com/article/cities/mumbai/pnb-fraud-ed-nirav-modis-properties-9562525/
  102. https://www.ndtv.com/india-news/vijay-mallya-nirav-modi-mehul-choksi-15-000-crore-of-vijay-mallya-nirav-modis-assets-restored-to-banks-centre-7276322
  103. https://www.ndtv.com/indians-abroad/uk-court-allows-sale-of-nirav-modis-luxury-london-apartment-5323150
  104. https://timesofindia.indiatimes.com/city/mumbai/auction-proceeds-of-niravs-uk-flat-to-be-given-to-centre-court/articleshow/109076589.cms
  105. https://news.bloomberglaw.com/bankruptcy-law/nirav-modi-linked-jewelry-cos-get-ok-to-liquidate-in-bankruptcy
  106. https://m.economictimes.com/news/india/nclt-passes-liquidation-order-against-nirav-modis-flagship-firm-firestar-international/articleshow/85408323.cms
  107. https://legal.economictimes.indiatimes.com/news/industry/nirav-modi-owned-firestar-diamond-internationals-diamonds-jewellery-to-go-under-hammer-on-mar-25/98108234
  108. https://indianexpress.com/article/business/16-nirav-modi-linked-firms-file-for-liquidation-in-last-three-months-5329806/
  109. https://timesofindia.indiatimes.com/business/india-business/nirav-modi-fraud-costs-pnb-rs-14357-crore/articleshow/64176501.cms
  110. https://www.rediff.com/business/report/pnb-may-be-allowed-to-spread-fraud-losses-over-4-quarters/20180328.htm
  111. https://www.thehindu.com/news/national/pnb-recovers-24-crore-in-nirav-modi-case/article32441761.ece
  112. https://www.business-standard.com/article/finance/nirav-modi-case-pnb-receives-rs-24-cr-as-first-tranche-of-recovery-from-us-120082600157_1.html
  113. https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/a-diamond-scandal-is-hurting-indias-economy-in-grip-of-slowdown/articleshow/72485380.cms
  114. https://gjepc.org/solitaire/fraud-prejudice/
  115. https://enforcementdirectorate.gov.in/sites/default/files/latestnews/PR_Mallya_Nirav_and_Mehulfinal.pdf
  116. https://m.economictimes.com/news/india/ed-restored-assets-worth-nearly-rs-18000-crore-from-vijay-mallya-nirav-modi-mehul-choksi-fm-sitharaman/articleshow/116429588.cms
  117. https://www.business-standard.com/india-news/nirav-modi-assets-worth-66cr-released-pnb-scam-uk-court-mumbai-ed-125061901351_1.html
  118. https://www.deccanherald.com/india/court-allows-release-of-nirav-modi-and-sisters-properties-worth-rs-66-cr-from-ed-to-pnb-3594151
  119. https://www.ndtv.com/india-news/pnb-scam-bank-seeks-release-of-nirav-modis-property-to-recover-dues-4202026
  120. https://timesofindia.indiatimes.com/business/india-business/ed-attaches-more-assets-of-nirav-modi-worth-rs-30-crore/articleshow/113275216.cms
  121. https://m.economictimes.com/news/india/pnb-scam-expect-to-recover-rs-50-100-cr-from-accounts-related-to-nirav-modi-says-pnb-ceo/articleshow/102137076.cms
  122. https://timesofindia.indiatimes.com/city/mumbai/release-nirav-linked-properties-worth-over-60cr-to-pnb-consortium-court/articleshow/121959369.cms
  123. https://enforcementdirectorate.gov.in/restitution-propertiesassets
  124. https://www.reuters.com/article/punjab-natl-bank-fraud-modi/newsmaker-indias-jeweller-to-hollywood-stars-now-accused-of-massive-bank-fraud-idUSL4N1Q54IT
  125. https://whitewall.art/lifestyle/inside-diamond-jeweler-nirav-modis-art-collection/
  126. https://www.bloomberg.com/news/features/2018-06-28/did-this-jeweler-to-the-stars-commit-the-biggest-bank-fraud-in-india-s-history
  127. https://www.latimes.com/fashion/la-ig-wwd-nirav-modi-campaign-20170530-story.html
  128. https://ww.fashionnetwork.com/news/Rosie-huntington-whiteley-and-priyanka-chopra-are-the-new-faces-of-nirav-modi%2C833340.html
  129. https://m.economictimes.com/biz-entrepreneurship/indias-six-diamond-kings-six-entrepreneurs-minting-money-in-rs-70000-crore-industry/nirav-modi-firestar-diamonds/slideshow/18346611.cms
  130. https://m.economictimes.com/industry/banking/finance/banking/who-is-nirav-modi-the-man-at-the-centre-of-rs-11300-crore-pnb-fraud/breakout-moment/slideshow/62927071.cms
  131. https://www.hindustantimes.com/business-news/nirav-modi-how-the-man-blamed-for-2-billion-pnb-fraud-built-his-business/story-aGAHOjZ2PX5LewdQIeuj0O.html
  132. https://www.katerinaperez.com/articles/nirav-modi-presented-his-best-jewels-at-biennale-des-antiquaires
  133. https://www.forbes.com/sites/lauriekahle/2015/09/18/jeweler-nirav-modi-launches-nyc-boutique-with-naomi-watts-and-other-celebs-decked-out-in-diamonds/
  134. https://www.elle.com/fashion/accessories/a42680/watch-the-throne-nirav-modi/
  135. https://www.livemint.com/Industry/cp5EZnL2KqfJVu01Rfc19J/Rs11400-crore-PNB-fraud-a-case-of-systemic-failure-say-exp.html
  136. https://economictimes.indiatimes.com/industry/banking/finance/banking/lapses-at-many-levels-of-bank-led-to-indias-huge-pnb-fraud-internal-report-shows/articleshow/64657062.cms
  137. https://www.indiatoday.in/india/story/last-audit-by-rbi-was-done-in-2009-pnb-tells-govt-in-its-report-on-nirav-modi-fraud-1178522-2018-02-27
  138. https://www.business-standard.com/article/current-affairs/nirav-modi-extradition-uk-court-finds-no-evidence-of-political-influence-121022501367_1.html
  139. https://timesofindia.indiatimes.com/world/uk/uk-judges-jibes-at-retired-indian-counterparts/articleshow/81217390.cms
  140. https://www.hindustantimes.com/india-news/nirav-modi-arrested-in-uk-on-india-s-extradition-request-denied-bail/story-RYRsscNOO85b7N3yuoKTGO.html
  141. https://www.youtube.com/watch?v=tKWW3a3Wrcs
  142. https://theprint.in/national-interest/how-nirav-modi-had-to-make-way-for-narendra-modi/38965/
  143. https://www.fortuneindia.com/people/uk-home-ministry-signs-off-on-nirav-modis-extradition/105408
  144. https://www.firstpost.com/explainers/explained-how-nirav-modi-can-avoid-extradition-to-india-even-after-losing-appeal-11600581.html
  145. https://m.economictimes.com/news/india/belgian-court-dismisses-mehul-choksis-claims-of-political-bias-and-abduction-after-finding-offences-extraditable/articleshow/124734781.cms
  146. https://www.bbc.com/news/world-asia-india-43123337
  147. https://m.economictimes.com/industry/banking/finance/banking/lessons-from-pnb-fraud-and-how-to-take-baby-steps-towards-secure-banking/articleshow/63034442.cms
  148. https://www.aljazeera.com/features/2018/2/23/india-pnb-scandal-poses-difficult-questions-for-pm-modi
  149. https://indianexpress.com/article/opinion/columns/lessons-from-nirav-modi-case-5071877/
  150. https://blogs.law.ox.ac.uk/business-law-blog/blog/2018/03/punjab-national-bank-scam-opportunity-reform-indias-public-sector
  151. https://www.aei.org/articles/indias-political-banking-system/
  152. https://internationalbanker.com/banking/high-profile-fraud-cases-raise-serious-questions-about-state-ownership-in-indias-banking-system/
  153. https://www.thehindu.com/news/national/nirav-modi-the-fugitive-merchant/article33950522.ece
  154. https://www.nationalheraldindia.com/politics/diamantaire-nirav-modi-jeweller-diamond-merchant-family-pnb-scam
  155. https://timesofindia.indiatimes.com/city/mumbai/mumbai-nirav-modis-son-challenges-seizure-of-sobo-triplex-penthouse-by-ed-sans-notice-to-him/articleshow/80139776.cms
  156. https://sg.news.yahoo.com/nirav-modi-indias-celebrity-jeweller-fraud-storm-115752735.html
  157. https://www.forbes.com/sites/denizcam/2018/03/09/indian-jeweler-nirav-modis-fortune-up-in-smoke-amid-bank-fraud-allegations/
  158. https://www.aljazeera.com/economy/2018/2/16/indias-punjab-national-bank-reports-1-8bn-fraud
  159. https://www.bbc.com/news/world-asia-india-43098228
  160. https://www.forbes.com/sites/leezamangaldas/2018/02/22/billionaire-jeweler-accused-of-indias-biggest-ever-banking-scam-who-is-nirav-modi/
  161. https://www.theguardian.com/world/2018/jun/19/fugitive-indian-billionaire-nirav-modi-last-seen-in-britain-in-march
  162. https://m.economictimes.com/news/india/nirav-modi-claims-sensational-developments-to-come-in-uk-extradition-case/articleshow/124672012.cms
  163. https://www.netflix.com/title/80990073
  164. https://www.imdb.com/title/tt13217602/
  165. https://www.entrepreneur.com/en-in/lifestyle/netflixs-bad-boy-billionaires-india-highlights-corruption/355330
  166. https://www.washingtonpost.com/news/global-opinions/wp/2018/02/20/india-is-paying-the-price-for-its-obsession-with-billionaires/
  167. https://m.economictimes.com/news/politics-and-nation/pm-narendra-modi-under-fire-as-2-billion-india-fraud-hits-anti-graft-image/articleshow/63363173.cms
  168. https://www.exchange4media.com/marketing-news/nirav-modi-scamwhen-brands-damage-the-brand-ambassadorsthey-have-little-to-no-recourse-88657.html
  169. https://www.impactonnet.com/impact-feature/the-unmaking-of-a-brand-5853.html
Add your contribution
Related Hubs
User Avatar
No comments yet.