Introduction:
Recently Nirav Modi’s name was again shown in the News. In this article, I will tell you all you need to know about Nirav Modi. Nirav Modi is a fugitive businessman. He had a good business of Diamonds. We know him only for his fraud of Punjab National bank but before that, he was a popular businessman.
Career
Nirav Modi was a dropout from the University of Pennsylvania. He held from a business family background. He came to India in 1989 after droping out. In India, he founded a company known as firestone[1]. It was the distributor of Rio Tinto’s Argyle Pink diamonds in India. After this Nirav Modi was begun contract based works. Nirav Modi acquired in 2005 Frederick Goldman, Sandberg, and Sikorski and A. Jaffe in 2007 in the USA.[2] He became famous after designing “Golconda Lotus Accessory” with an old, 12 carat, pear-formed jewel in 2010. In 2012, the Riviere of Flawlessness, including 36 immaculate white diamonds weighing a total of 88.88 carats, was sold at Sotheby’s Hong Kong auction.[3]
Punjab National Bank Fraud
Nirav Modi is famous for the scam of Punjab National Bank of Rs.28000 crores. The complaint was lodged against Nirav Modi by Punjab National Bank. Central Bureau of Investigation (CBI) launched an investigation against Nirav Modi. CBI did the investigation and after that Enforcement Directorate (ED) took the charge of a fraud case filed by the CBI. After this Fraud still a couple of Modi’s stores remained open for business purposes. Notwithstanding, these have close. Modi’s firm Firestar Diamond Inc. applied for bankruptcy protection at a Manhattan bankruptcy court, to protect its assets in the United States and its revolving credit facility with Israel Discount Bank.[4] Modi replied to the bank on 15 Feb 2018, the actions of the bank destroyed his brand and the business and now he is unable to pay all the debts.
Actions Taken by the Enforcement Directorate against Modi
The Enforcement Directorate (ED) had started the confiscation of his property after the Fraud case had been proved correct. In Rajasthan, Nirav Modi owned four wind power plants. These power plants gain up to Rs. 5 crores yearly because of the agreement with Rajasthan’s state power board. ED connects this power plant and after this, in 2018 the ED had attached a 5.24 MW solar power based plant spread more than 135 acres of land in Karjat in Ahmednagar district worth Rs 60 crore.[5] In May 2018, the CBI and the ED had registered FIRs against Nirav Modi and Mehul Choksi but both of them left the country before criminal cases were lodged against them.
International Matter
Forbes expelled his name from their yearly billionaire’s list after his Brand breakdown. His company A.JAFFE was auctioned in May 2018 and was bought by the Parag precious stones. All the international stores claimed by Nirav Modi have been shut. After this fraud, Nirav Modi had got safe passage for some time in Hongkong but he was reported to be in the UK where he applied for asylum, claiming he was a victim of “political persecution” and denying any wrongdoing.
In March 2019, Modi was reported to have been located in the UK by The telegraph. It was said that he was living in an apartment costing £8 million. Indian authorities reacted to the report by saying that an extradition demand had been made to the UK. On 20 March 2019, Modi was captured in London after a warrant was given against him. Soon thereafter, Indian tax authorities raised $8m by auctioning a portion of Modi’s art collection.[6]
Recent News
Nirav Modi was arrested in March 2019 he is in jail at Wands worth Prison in south-west London. In this coronavirus pandemic through video link, he appeared for the remand hearing at Westminster Magistrates’ Court in London. The court was remanded in further custody until July 9.Due to Corona Pandemic, everything is stuck but India will get back Modi soon.
Conclusion
Nirav Modi had a good business but due to the Punjab National Bank Fraud, it has all collapsed. It is necessary to take action against him which was taken by ED and CBI already. After this pandemic crisis, the Indian government will try for his possession.
References:
[1] Lall, Pavan (10 January 2015). “Can Nirav Modi win New York?” (PDF). Fortune India. Archived from the original (PDF) on 20 September 2016. Retrieved 17 June 2020.
[2] Gauri Bhatia, Special to CNBC (10 June 2016). “Nirav Modi became a jewelry-design billionaire, without ever learning to draw”. cnbc.com. Retrieved 18 June 2020.
[3] “An interview with Nirav Modi: diamond collector and creator of exceptional Indian jewels”. thejewelleryeditor.com. 4 June 2013. Retrieved 17 june 2020.
[4] U. (n.d.-b). The News Portal: Nirav Modi Investigation report. Retrieved June 16, 2020, from http://globnewshunter.blogspot.com/2018/03/nrav-modi-investigation-report.html
[5] A. (n.d.-a). Nirav Modi Case Diary. Retrieved June 16, 2020, from https://www.scribd.com/document/409556107/Nirav-Modi-Case-Diary
[6] Nirav Modi approaches UK High Court for bail again. (2019, May 31). Retrieved June 16, 2020, from https://www.businesstoday.in/current/economy-politics/nirav-modi-approaches-uk-high-court-for-bail-again/story/352580.html
0 Comments