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Billionaire Jeweler Targeted in Bank Fraud Investigation

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Several locations have been raided.

Billionaire Nirav Modi, founder of the eponymous diamond jewelry house based in Mumbai, is being investigated by Indian authorities in connection with an accusation of bank fraud, Reuters reports.

Punjab National Bank alleges that it was defrauded of $44 million. It claims that Modi and others were involved in the scheme to obtain money to pay suppliers overseas.

India’s Central Bureau of Investigation states that several locations connected to Modi’s business operations have been raided.

Reuters reports that the investigation is an early step and doesn’t necessarily mean the case “will ever go to trial.”

Modi declined to comment for Reuters’ story.

In fall 2017, the Nirav Modi company said it planned to open a store each in Honolulu and Las Vegas, building on the U.S. presence it established with a New York retail location in 2015. It also said it anticipated opening additional U.S. stores in coming years.

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