Connect with us

Headlines

Jeweler Falls Off Forbes Billionaire List Amid Fraud Investigation

mm

Published

on

His net worth is now estimated at less than $100M.

Indian jeweler Nirav Modi no longer has a place on Forbes’ annual list of the world’s billionaires.

Modi is being investigated by Indian authorities in connection with a massive bank fraud case.

Forbes said it suspects that some of the company financial statements it used to evaluate his wealth “may not have reflected the truth.”

Modi had been on the list of billionaires since 2013. His net worth was estimated at $1 billion.

The magazine now says his fortune is likely worth less than $100 million.

Modi is at the center of a fraud case involving Punjab National Bank, where employees are “suspected to have steered fraudulent loans” to Modi’s businesses, Reuters has reported.

Advertisement

Punjab National Bank officials have estimated the scope of the fraud at $2 billion.

And in the U.S., Modi’s Firestar Diamond Inc. recently filed for bankruptcy protection.

Read more at Forbes

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Wilkerson Helped This Jeweler to Navigate His Retirement Sale Despite a Pandemic

Hosting a going-out-of-business sale when the coronavirus pandemic hit wasn’t a part of Bob Smith’s game plan for his retirement. Smith, the owner of E.M. Smith Jewelers in Chillicothe, Ohio, says the governor closed the state mid-way through. But Smith chose Wilkerson, and Wilkerson handled it like a champ, says Smith. And when it was time for the state to reopen, the sale continued like nothing had ever happened. “I’d recommend Wilkerson,” he says. “They do business the way we do business.”

Promoted Headlines

Most Popular