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Who Is Nirav Modi? The Man Behind One Of India’s Biggest Banking Frauds

Published on 16 February, 2018 at 8:24 pm By

The media is abuzz with reports of one of India’s biggest banking frauds where one of India’s leading diamond and jewelry designer Nirav Modi and his associates have allegedly swindled one of India’s largest government banks (PNB) of Rs 11,400 crore.

While police and the CBI are getting more details about about the fraud, here are few relatively less known facts about Nirav, his brand and how much they are worth.


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1) Nirav Modi is a 48-year-old billionaire who is a luxury diamond jewelry designer.

2) While relatively less known, Nirav comes from a family of diamond merchants who belong to Gujarat.

3) He has grown up in Antwerp, Belgium, which is a hub of global diamond trade.

4) Back in 1999, Nirav along with his associates set up a diamond sourcing and trading company name Firestar Diamond which today is worth $2.3 billion.



 

Jagran

5) From Firestar Diamond, he went on to establish his own diamond brand called ‘Nirav Modi’ in 2010.

6) Last year in 2017, Nirav was ranked #57 in the Forbes India’s billionaires list.

7) Nirav’s brand has a huge fan base and he even had actress Priyanka Chopra as his company’s brand ambassador.  Besides PeeCee, Nirav has also dressed Aishwarya Rai and Hollywood actress Kate Winslet.


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BBC


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8) Besides actors, many supermodels including Lisa Haydon have featured on his billboard and print ads.

9) His financial worth is currently said to be at $1.73 billion according to Forbes.

While police are trying to get more details on the fraud it is said he along with his family allegedly worked with top bank officials in PNB to illegally obtain Letters of Undertaking (LoU) which they used overseas from different banks so as to encash all the money and this is when the financial fraud was unearthed.

At present, he and his entire family are absconding from the country and said to have left on January 1st this year.

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