Connect with us

Headlines

Jewelry Billionaire Denies Allegations in $1.8B Fraud Case

mm

Published

on

Several arrests have been made.

A lawyer for billionaire Nirav Modi, who is being investigated by Indian authorities in connection with a $1.8 billion bank fraud, says the jeweler is innocent.

Referring to the case, attorney Vijay Aggarwal told Reuters: “There is nothing in it.”

The case centers on Punjab National Bank, where employees are “suspected to have steered fraudulent loans” to Modi’s businesses, according to the news service. Modi is founder of the Nirav Modi diamond jewelry house based in Mumbai.

The bank reported the alleged fraud to officials earlier this month.

Authorities have arrested several officials with the bank and Modi’s company, but no charges have been filed.

The Gem & Jewellery Export Promotion Council GJEPC released a statement on the case that read, in part: “The recent incident of a scam by an alleged diamantaire is of concern to the entire Gems & Jewellery industry. The Industry strongly condemns any sort of unlawful & illegal actions by any individual, trade or otherwise. It should be noted that when thousands of exporters undertake business lawfully adhering to all norms and practices, prescribed very diligently, incidents of this kind can only take place due to non-adherence of procedures and norms laid down. The Council strongly believes that this incidence will not have any contagion effect to the Gems & Jewellery Export Industry.”

Advertisement

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.

Read more at Reuters

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Retirement Made Easy with Wilkerson

The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.”

Promoted Headlines

Most Popular