Connect with us

Headlines

Billionaire Jeweler Targeted in Bank Fraud Investigation

mm

Published

on

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.

Advertisement

Read more at Reuters

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular