New Delhi, Feb 15: Nirav Modi – the name is in news all over. Though considered as India’s ‘diamond king’and famous among country’s rich and elite, Nirav Modi was an unknown celebrity for the aam aadmi of the country until a week ago when the Central Bureau of Investigation (CBI) got a whiff of his multi-crore fraud. Also Read - PNB Fraud Case: Nirav Modi Extradition Trial Resumes in UK Court
Nirav Modi, who owns multiple high-end jewellery showrooms in Mumbai, New Delhi and foreign locations, was booked by the CBI on February 5 for his links in dubious transactions of Rs 280 crore. The Punjab National Bank later approached authorities with evidence suggesting dubious transactions around over Rs 10,000 crore linking Nirav Modi. (Also Read: PNB on Nirav Modi Fraud: Wrongdoers Won’t go Unpunished, We’ll Ensure Strict Action) Also Read - PNB Money Laundering Case: Interpol Issues 'Red Corner Notice' to Arrest Nirav Modi's Wife Ami Modi
The Enforcement Directorate on Thursday,February 15, conducted multiple searches in connection with the money laundering case against the billionaire jewellery designer and others following a complaint by Punjab National Bank. According to reports, the central agency raided at least ten premises linked to Nirav Modi in Mumbai, New Delhi and Surat. Also Read - ED Brings Back Nirav Modi, Mehul Choksi’s Jewellery Worth Rs 1,350 Crore From Hong Kong to India
Who is Nirav Modi
Nirav Modi, the founder of USD 2.3 billion Firestar Diamond, was once included in the list of one of the youngest billionaire of India. Modi’s business is spread across three continents from India, china in Asia to North America’s Hawaii Islands. (Also Read: Hug PM Modi, Attend Event With Him is Nirav Modi’s Guide to Loot India, Says Rahul Gandhi)
Forbes mentions that Modi grew up in Belgium. A dropout of Wharton, he moved to India where he got trained in the diamond trade under his uncle.
He then went on to launch his own Nirav Modi brand with 16 stores in locations such as Delhi, Mumbai, New York, Hong Kong, London and Macau.
Ready to Return Money: Nirav Modi
Meanwhile, reports claimed that Nirav Modi has written to Punjab National Bank that he is ready to return a part of money swindled by his firms.
Modi, who is facing probe by both the CBI and ED, has told PNB that he is ready to sell his firm – Firestar Diamonds – to raise over Rs 6,400 crore.