How Modi Duped the Indian PNB Bank for 2.8 Billion?

Nirav Modi (not to be confused by Indian PM Narendra Modi) a Billionaire and a Diamond Trader has taken over the primetime news and made it to the headlines of all the leading news portals. A few weeks back a very few ‘rich and elite’ knew Nirav Modi, but today, at least in India, everyone seems to be talking about Mr Nirav Modi.

Nirav Modi has been the diamond jeweller for all leading Bollywood and Hollywood stars, but that’s not what he is known for anymore. Nirav Modi is now the better known ‘scandal’ man after the 2.8 billion rupees’ fraud of Punjab National Bank. A criminal complaint has been filed by PNB that accuses Nirav Modi of the fraud.

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PNB Scammed by Nirav Modi

PNB has released a second statement that alleges that Nirav Modi is one of the accomplices in a $1.8 billion fraud, putting PNB at a great risk. According to the minister of law and justice, India, Modi is an accomplice to attempting to ignore legal banking channels leading to the fraud.

Formal investigations by the police forces have begun, although no charges have been recorded yet. Investigators have not been able to reach Mr. Modi and no comments from him have been recorded yet. Raids on Modi’s jewellery stores and other business ventures have made the Nirav Modi Scandal a rife corporate issue. With some people talking about a link between Nirav Modi and PM Narendra Modi, this has taken a political turn too.

So who is Nirav Modi?

Since 2010, when Nirav Modi started his brand, he has grown to become one of the biggest jewelers in India. His designs have graced the red carpet and been sported by ace Hollywood and Bollywood actors. Priyanka Chopra is the brand ambassador for Nirav Modi. He comes from a family of jewelers and was born into a diamond trading empire, based in Antwerp. He started out first with Firestar Diamond, around 20 years back. He is ranked as the 84th richest man in India by Forbes.

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Social Media platforms have been making viral, pictures of Nirav Modi and Narendra Modi, at the WEF Summit. While the ruling party has already denied Nirav being a part of PM’s delegation, the public at large is raising questions. The opposition party however is using this in their best interest. With Nirav Modi ‘fleeing’ from India in January, similarities are being drawn between him and Vijay Mallya.