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 | 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