Headlines

Billionaire Jeweler Targeted in Bank Fraud Investigation

Published

6 years ago

February 6, 2018

INSTORE Staff

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.

Read more at Reuters

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”