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.
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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
