Headlines

Potential Buyers Eye US Jewelry Firm That Filed for Bankruptcy

Published

6 years ago

March 6, 2018

INSTORE Staff

The firm is one of Nirav Modi’s holdings.

Firestar Diamond Inc., which recently filed for bankruptcy protection, stated in a court filing that it’s received strong expressions of interest from potential buyers, Reuters reports.

The interested parties would look to buy “some or all of the debtors’ business operations,” the company said.

Sales for Firestar and its affiliates total about $90 million per year, according to Reuters.

The company is among the holdings of billionaire Nirav Modi, who is being investigated by Indian authorities in connection with a massive bank fraud case. The case centers on Punjab National Bank, where employees are “suspected to have steered fraudulent loans” to Modi’s businesses, Reuters has reported.

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

Read more at Reuters

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