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

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Zadok Master Jewelers

Stick to the Program — And Watch Your Sales Grow

When Zadok Master Jewelers in Houston, Texas, decided to move to a new location (they’d been in the same one for the 45 years they’d been in business), they called Wilkerson to run a moving sale. The results, says seventh-generation jeweler Jonathan Zadok, were “off the charts” in terms of traffic and sales. Why? They took Wilkerson’s advice and stuck to the company’s marketing program, which included sign twirlers — something Jonathan Zadok had never used before. He says a number of very wealthy customers came in because of them. “They said, ‘I loved your sign twirlers and here’s my credit card for $20,000.’ There’s no way we could have done that on our own,” says Zadok. “Without Wilkerson, the sale never, ever would have come close to what it did.”

Promoted Headlines

Most Popular