Nirav Modi- stealer of the country
Early life journey:
Nirav Modi ‘stealer’ was born in Jamnagar, Gujarat. He was brought up in Belgium. His ancestors have been in the diamond business for several generations. His father Deepak Modi and Uncle Mehul Choksi worked together in the Business at Mumbai. Mehul Choksi is the head of Gitanjali group, a renowned jewelry company with 4,000 stores in India.
Nirav Modi completed his education at Wharton school at the University of Pennsylvania then he married to Ami Modi, daughter of a diamond businessman.
His younger brother Neeshal Modi is married to the niece of Mukesh and Anil Ambani. Moreover, CBI report shows that Neeshal Modi too was involved in more or less $2 billion fraud.
Days of Yore:
He was enthusiastic about art and design works. He moved to India in the year 1989 and got well trained in all aspects of the diamond trading business. In 1999, he established a diamond sourcing and trading Firestar Company which was formerly known as Firestone. Soon after, he started a manufacturing jewelry business on a contract basis. He then slowly acquired his stability in this business. He dreamt of a vision of accomplishing 200 stores by 2025.
Elevation in the career:
Nirav got motivated when a close friend asked him to make a pair of earrings in 2008. Soon he was in the public eye after he designed his “Golconda Lotus Necklace” with an old, 12-carat, pear-shaped diamond as a centerpiece in the year 2010. It was enclosed on the cover of Christie’s catalog in Hong Kong and was merchandised for US$3.6 million in the same year.
He invented new creations of new diamond cuts such as Ainra cut, Endless Cut, and the Moghul Cut.
Mr. Nirav Modi started his first flagship store at Defence Colony New Delhi, in 2014, proceeded by a store a Kala Ghoda Mumbai in 2015. Nirav Modi launched globally with boutiques in New York City and Hong Kong in 2015 and in the year 2016.
The country’s second-largest public-sector money monger has been deceived by Rs.11,400 crore transaction fraud case. This is how it began on January 28, 2018, PNB noticed some of the unauthorized transactions happening at the backend and immediately informed the Mumbai stock exchange. Following the intimation, the share-price of the state-owned bank dropped 10%.
CBI registered two complaints from PNB against billionaire Nirav Modi confirming fraudulent transactions worth about ₹11,400 crore.
On January 16, Diamond R US, Solar Exports, and Stellar Diamonds approached the bank with them with a set of import documents and appealed for Buyer’s Credit to make payments to overseas suppliers. Nirav Modi, his brother Nishal Modi, Mr. Nirav’s wife Ami Nirav Modi, and Mehul Chinubhai Chokshi were involved as partnership firms.
The branch officials requested the firms equip 100% cash limit for issuing the LOU for raising the Buyer’s Credit.The firms debated that they have been availing this facility in the past, but the branch records do not justify this contest. The bank officials could find the smoke that two of its employees had fraudulently issued LOUs in the past without assuring prescribed procedures and approvals. On scooping out further, the bank officials could find the smoke that two of its employees had fraudulently issued LOUs in the past records without assuring prescribed procedures and approvals. In order to avoid unmasking and making the things clear, the employees handed on SWIFT instructions to the overseas branches of Indian banks for raising Buyer’s Credit without documentation.
It was like night and day as per the complaint statement and the FIR case file. Total of 5 SWIFT messages was transferred to Allahabad Bank in Hong Kong and three to Axis Bank in Hong Kong.
Scams target you, protect yourself!