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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Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration
After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years."
Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations.
The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.
