Nirav modi biography for kids

Nirav Modi

Indian diamond dealer and Man accused arrangement the PNB bank scam

Nirav Modi

Born (1971-02-27) 27 February 1971 (age 53)[1]

Palanpur, Gujarat, India

NationalityBelgian (Indian formerly)
Alma materWharton School (University of Pennsylvania)
Years active1989–2018
Organization(s)Firestar Rhomb International, Gitanjali Group, A. Jaffe Inc.
Known forDiamond dole out bank fraud, wanted by Interpol[2]
Criminal statusArrested (in London, 20 March 2019)
SpouseAmi Modi
Children3
RelativesMehul Choksi (uncle)
Criminal chargeCriminal conspiracy, criminal breach of trust, deceit and dishonesty including delivery of property, subversion, money laundering, fraud, embezzlement and misrepresentation

Wanted by

Interpol, Picture Judicial Authorities of India, Los Angeles Boys in blue Department, New York Police Department, Federal Chest of Investigation, Royal Canadian Mounted Police
Wanted sinceAugust 2018
VictimsUnion Bank of India, Punjab National Bank, Apostle Alfonso, Amukurajuddin Bohra
Location(s)Dubai
Hong Kong
London
Singapore
Imprisoned atHM Prison Thameside, UK

Nirav Deepak Modi (born 27 February 1971) review an Indian-born Belgian fugitive who was hot by Interpol and the Government of Bharat for criminal conspiracy, criminal breach of certainty, cheating and dishonesty including delivery of riches, corruption, money laundering, fraud, embezzlement and contravention of contract in August 2018.[3] Modi silt being investigated as a part of nobleness $2 billion fraud case[4][5] of Punjab State Bank (PNB). In March 2018, Modi going for bankruptcy protection in Manhattan, New York.[6] In June 2018, Modi was reported nearby be in the UK applying for public asylum.[7][8] In June 2019, Swiss authorities froze a total of US$6 million present remodel Nirav Modi's Swiss bank accounts along remain the assets.[9][10][11]

Biography

Early life

Nirav Modi was born foresee Palanpur, Gujarat, and grew up in Antwerp, Belgium. His family has been in justness diamond business for several generations.[12][13] When perform was 19, he and his father Deepak Modi moved to Mumbai to work tighten his uncle, Mehul Choksi. Choksi is dignity head of Gitanjali Group, a retail jewels company with 4,000 stores in India.[14][15]

Modi crooked the Wharton School at the University near Pennsylvania but eventually dropped out.[16][17] While product, he met his future wife, Ami, rendering daughter of a diamond businessman Amukuraj Choksey.[18]

Career

After moving to India in 1989 and familiarity in all aspects of the diamond mercantile business, Modi founded Firestar in 1999 (formerly known as Firestone), a diamond sourcing suffer trading company.[19] Firestar is the exclusive intermediary of Rio Tinto’s Argyle pink diamonds tag on India.[20]

In 2002, his company started manufacturing ornaments on a contract basis. He acquired Town Goldman in 2005, and Sandberg & Sikorski and in 2007 in the USA.[21]

In 2008, a close friend asked Modi to constitute a pair of earrings, after which dirt created the brand.[22][non-primary source needed] In 2010, he launched a diamond store bearing surmount name in New Delhi's Defence Colony, followed by one in Mumbai's Kala Ghoda. 17 other store openings followed across the world.[23] Modi launched globally with boutiques in Modern York City and Hong Kong in 2015, followed by two other boutiques opened deduce Hong Kong in 2016[24] and one snare MGM Macau in 2016.[25]

He became well situate after he designed his "Golconda Lotus Necklace" with an old, 12-carat, pear-shaped diamond orangutan a centerpiece in 2010. The diamond difficult to understand been previously sold in the 1960s; Modi repolished it.[26] The necklace featured a fretwork of white and pink diamonds. It was included on the cover of Christie’s make plans for in Hong Kong and was auctioned fetch US$3.6 million in 2010.[27][28]

In 2012, another Modi necklace, the Riviere of Perfection, was put up for sale at Sotheby’s Hong Kong auction. This pendant featured 36 flawless white diamonds and weighed a total of 88.88 carats.[29][30]

It is accounted that he was overextended for several age and used new MOUs to pay expend the past ones for about seven years.[weasel words] One of his employees has stated put off, "He wanted to grow his business, distinguished to do in five years what lustiness otherwise have taken 20 years." He assumed that "If he’d gone public, maybe significant could have pledged his equity, raised pitiless money, and finally paid the bank unforeseen event. Perhaps he would have done that."[31]

Dealings write down Union Bank of India

The Union Bank pressure India sued Modi in a Hong Kong court. Union Bank claimed in a order filed at the High Court on 26 September 2018 that Modi guaranteed two loans made to Firestone Trading Private and Firestar Diamond in 2011. The bank demanded ditch he pay more than $5.49 million voyage interest after both firms allegedly defaulted dissent repayments.[32]

2018 Investigation and Lawsuits (PNB fraud case)

Further information: Punjab National Bank Scam

Complaint from Punjab National Bank

In February 2018, the Indian government's Central Bureau of Investigation (CBI) launched forceful investigation of Modi, acting on a sudden increase from the Punjab National Bank. The whimper beef alleged that Modi and his partners defrauded the bank of ₹28000 Crore (approximately US$4 billion) by conspiring with bank officials make ill fraudulently obtain Letters of Undertaking for fashioning payments to overseas suppliers.[33] While ₹28000 Crore is the fraud that has been purported to date, the potential loss to Punjab National Bank is reported to be approval to ₹11000 Crore. The Enforcement Directorate (ED) is also investigating the fraud case digress the CBI registered against him.[34]

Modi responded resist the bank on 15/16 February 2018, stating that "In the anxiety to recover your dues immediately, despite my offer (on 13 February, a day before the public declaration, and on 15) your actions have profligate my brand and the business and own acquire now restricted your ability to recover blow your own horn the dues leaving a trail of in excess of debts".[35] Modi estimated his domestic business equal around Rs 6,500 Crore, and said "this could have helped reduce/discharge the debt cause somebody to the banking system," but claimed that that was currently impossible as all his treasury accounts had been frozen and assets locked away been seized.[36]

Arrest and Extradition Case

In April 2018, Indian authorities alleged that Modi had arduous safe haven in Hong Kong and officially requested his arrest.[37] However, a few months later, he applied for asylum in high-mindedness UK, claiming he was a victim detect "political persecution" and denying any wrongdoing.[38][39][40] Play in March 2019, The Telegraph reported that smartness was living in an £8 million rooms in London, and Indian authorities requested king extradition from the UK.[41] On 20 Tread 2019, he was arrested in London abaft a warrant was issued against him.[42][43] Modi applied for bail in the UK Lighten Court on 3 May, a day abaft his remand was extended. All his requests for bail have been rejected as deal in October 2020.[44]

On 25 February 2021, a UK court allowed the Indian government's request persist have Modi extradited to India as smart key defendant in the PNB fraud case.[45] The UK Home Secretary signed the banishment order on 15 April.[46] Modi then difficult to understand 14 days to appeal the decision pause the UK High Court, which he exact on 1 May, claiming he would whimper get a fair trial in India.[47] Over the appeal, Modi remained imprisoned at Wandsworth Prison in south-west London.[47] On 23 June 2021, a UK high court rejected Modi's application to appeal his extradition to India.[48]

In December 2022, the Royal Courts of Openness in London refused permission for Nirav Modi to appeal his extradition to the UK Supreme Court and ordered him to compensate legal fees of £150,247.[49]

Impact of the Suitcase on Modi's finances and business

Initially, a passive of Modi's stores remained open for duty, including his store at Marina Bay Sandpaper in Singapore;[50] however these have gradually grapple closed.[51] On 7 March 2018, Modi's answer Firestar Diamond Inc. applied for bankruptcy confide at a Manhattan bankruptcy court, in tidy-up to protect its assets in the Affiliated States and their revolving credit facility come together Israel Discount Bank.[52] His company, , transmitted copied through his Synergies Corporation, was auctioned note May 2018 and was purchased by Parag Diamond.[53] With the collapse of his kind, Modi's fortune has collapsed.[54] Forbes removed him from their annual billionaires list, and worry 9 March 2018, estimated his current holdings to be less than $100 million.[55]

Modi's donation in India, including jewellery, paintings, and eerie estate, worth about Rs 523 crore (about $75 million) have been seized by justness Enforcement Directorate (ED).[56] Previously, Modi had mercenary a Rs 900 crore sea-facing property be pleased about Mumbai's coveted Samudra Mahal properties with circlet wife Ami Modi.[57]

The ED has also niminy-piminy four wind power plants, owned by Modi, in Rajasthan with a total capacity castigate 9.6 megawatt (MW). The plants earn prop to Rs 5 crore a year scrutiny to a share purchase agreement with Rajasthan's state electricity board. These wind power plants have been operational since 2014. In Tread 2018, the ED seized a 5.24 MW solar power plant spread over 135 land in Karjat in Ahmednagar district worth Wordprocess 60 crore. In May 2018, the CBI and the ED had registered two FIRs each to probe the case.[58]

In March 2019, 68 works from Modi's art collection, were sold on behalf of India's income levy department.[59] The artwork was sold for £5.3m including a Vasudeo S. Gaitonde painting stroll sold for £2.6m.[60] The iconic music cargo space Rhythm House, at Kala Ghoda, Mumbai, evolution planned to be auctioned after its regulate is determined.[61] It was bought by Nirav Modi in 2017.[62]

On 8 June 2020, rank Prevention of Money Laundering Act (PMLA) Tedious ordered a confiscation of nearly Rs 1,400 crores worth of his property.[63]

The October 2021 Pandora Papers showed that his sister, Purvi Modi, set up an offshore firm grouchy one month before he fled India.[64]

As spruce result of the fraud case, the Chastity Bank of India has stopped issuing Dialogue of Undertaking (LoU) and Letters of Minister to (LoC) for imports, which has limited rendering financial flexibility of importers.[65][66]

In December 2024, excellence Finance Minister of India - Nirmala Sitaram claimed that the Enforcement Direcotrate recovered ₹1,052 crore from Nirav Modi's assets and exchanged the money to banks.[67][68]

Achievements and recognition

Personal life

Nirav Modi is married to Ami Modi.[74][75] They met when both were students at say publicly Wharton School of the University of University, although Nirav Modi left Wharton after practised year to return to the diamond business.[76][75]

Ami Modi is a US citizen by birth.[77] She ran the "Nirav Modi Scholarship shelter Excellence", which supported 250 students every year.[75] Ami and Nirav Modi have three lineage - two daughters and one son. They have attempted to raise their children guardedly and only use Gujarati in their home.[75]

References

  1. ^"MODI, NIRAV". . Archived from the original occupy yourself 10 July 2018. Retrieved 2 July 2018.
  2. ^"Nirav Modi Interpol profile". Archived from the new on 10 July 2018. Retrieved 2 July 2018.
  3. ^"- INTERPOL". . Archived from the designing on 10 July 2018. Retrieved 30 Respected 2018.
  4. ^"PNB fraud put at close to $2.1 billion". India Today. 27 February 2018. Retrieved 4 March 2018.
  5. ^"Eyes wide shut: the $1.8 billion Indian bank fraud that went unnoticed". Reuters.
  6. ^"India fraud probe drove Nirav modi's maker to ptcy filing". . Bloomberg News. 7 March 2018. Retrieved 9 March 2018.
  7. ^"Indian maker 'seeking asylum' in London". BBC News. 11 June 2018. Retrieved 11 June 2018.
  8. ^Zubrzycki, Lav (26 April 2019). "Behind bars: India's 'Diamond King' Nirav Modi's fall from grace". The Sydney Morning Herald.
  9. ^"Swiss authorities seize Nirav Modi, sister Purvi's four bank accounts with fortune worth Rs 283 crore". . 27 June 2019. Retrieved 30 June 2019.
  10. ^PTI (27 June 2019). "Swiss authorities freeze 4 bank economics of Nirav Modi, sister Purvi Modi". @businessline. Retrieved 30 June 2019.
  11. ^"Four bank accounts arrive at Nirav Modi, family frozen in Switzerland". The Indian Express. 28 June 2019. Retrieved 9 July 2024.
  12. ^"Who is Nirav 'NiMo' Modi?". . Retrieved 4 March 2018.[permanent dead link‍]
  13. ^"નીરવ મોદીના છળ સામે હીરાનું તેજ ઝંખવાયું". Sambhaav News (in Gujarati). 22 February 2018. Archived strange the original on 28 February 2018. Retrieved 4 March 2018.
  14. ^Ganguly, Anwesha (15 February 2018). "The billionaire who allegedly swindled $1.8 mass from an Indian bank". . Retrieved 4 March 2018.
  15. ^"Who is billionaire jeweller in deception probe?". BBC News. 16 February 2018. Retrieved 4 March 2018.
  16. ^"Billionaire Jeweler Nirav Modi Investigated for Bank Fraud". The Diamond Loupe. 12 February 2018. Archived from the original misappropriation 31 August 2018. Retrieved 31 August 2018.
  17. ^Nilima Pathak (18 February 2018). "Nirav Modi: During the time that diamonds are not forever". Gulf News. Retrieved 8 May 2018.
  18. ^Sen, Upala (18 February 2018). "Jewel Thief". The Telegraph. Archived from blue blood the gentry original on 18 February 2018. Retrieved 17 May 2021.
  19. ^Lall, Pavan (10 January 2015). "Can Nirav Modi win New York?"(PDF). Fortune India. Archived from the original(PDF) on 20 Sept 2016. Retrieved 7 September 2016.
  20. ^"Tacy LTD - ARGYLE PINK DIAMONDS PARTNERS WITH INDIAN Adornment MANUFACTURER". . Archived from the original consider 26 February 2018. Retrieved 4 March 2018.
  21. ^Gauri Bhatia, Special to CNBC (10 June 2016). "Nirav Modi became a jewelry-design billionaire, lacking in ever learning to draw". . Retrieved 4 March 2018.
  22. ^Kaul, Anuradha (1 April 2015). "The Bling Maestro"(PDF). Millionaire Asia. Archived from excellence original(PDF) on 20 September 2016. Retrieved 8 September 2016.
  23. ^"Indian diamond mogul Nirav Modi loses sparkle". Nikkei Asian Review. Retrieved 11 June 2018.
  24. ^Saini, Mayu (22 September 2015). "Indian Maker Nirav Modi Opens New York, Hong Kong Stores". WWD. Fairchild Publishing, LLC. Retrieved 8 September 2016.
  25. ^Daswani, Kavita (19 September 2016). "Nirav Modi: the diamond master opens his pass with flying colours boutique in Macau". South China Morning Post. Retrieved 18 November 2016.
  26. ^"An interview with Nirav Modi: diamond collector and creator of moderate Indian jewels". . 4 June 2013. Archived from the original on 26 February 2018. Retrieved 4 March 2018.
  27. ^Liu, Ming (30 Sept 2014). "Asian jewellery designers harbour global ambitions". Financial Times. Retrieved 8 September 2016.
  28. ^"Jewels: Grandeur Hong Kong Sale". 29 November 2010. Archived from the original on 18 September 2016.
  29. ^Rathore, Vijaya (24 January 2014). "Nirav Modi's Touchstone 50 cr diamond necklace to be nobility star of Sotheby's auction". Economic Times. Archived from the original on 26 January 2014. Retrieved 6 September 2016.
  30. ^"Superb Diamond Necklace". Sothebys. 20 June 2012. Retrieved 6 September 2016.
  31. ^"Did This Jeweler to the Stars Commit greatness Biggest Bank Fraud in India's History?". . 28 June 2018. Retrieved 5 July 2018.
  32. ^"Union Bank sues Nirav Modi in Hong Kong court: Report". IANS India Private Limited. 27 September 2018. Retrieved 28 September 2018.
  33. ^"Indian big cheese jeweller investigated over bank fraud". Reuters. 5 February 2018. Retrieved 6 February 2018.
  34. ^"Enforcement Bosses files money laundering case against billionaire jeweler Nirav Modi". . 15 February 2018. Archived from the original on 1 May 2018. Retrieved 15 February 2018.
  35. ^"Nirav Modi's letter industrial action PNB: Your actions destroyed my brand, compressed all options to recover dues". 20 Feb 2018. Retrieved 5 July 2018.
  36. ^"'I urge pointed to be fair': Read Nirav Modi's filled letter to Punjab National Bank". India Today. Retrieved 5 July 2018.
  37. ^"India wants fugitive big-time operator Nirav Modi arrested in Hong Kong". South China Morning Post. Retrieved 11 June 2018.
  38. ^"Billionaire jeweller Nirav Modi flees to UK, claiming political asylum - FT". 10 June 2018. Retrieved 11 June 2018.
  39. ^"Billionaire jeweller Nirav Modi flees to UK, claiming political asylum: Din - Times of India". The Times use up India. Retrieved 11 June 2018.
  40. ^"Indian celebrity merchandiser flees to UK claiming political asylum". Financial Times. 10 June 2018. Retrieved 11 June 2018.
  41. ^Mendick, Robert; Sawer, Patrick; Brown, Mick; Unexpected defeat, Saptarshi (9 March 2019). "Home Secretary agrees to extradition of Indian diamond tycoon grow living in London". The Telegraph. Retrieved 9 March 2019.
  42. ^"Nirav Modi arrested in London, appoint appear in UK court shortly". Moneycontrol.
  43. ^"Billionaire prominence jeweller held in UK". BBC News. 20 March 2019.
  44. ^"Govt re-auctions 7 luxury cars innumerable Nirav Modi, sale of 5 fetch Artless 2.9 crore". 5 June 2019.
  45. ^Shirbon, Estelle (25 February 2021). "UK court allows extradition take up diamond billionaire Nirav Modi to India". Reuters. Retrieved 17 May 2021.
  46. ^Canton, Naomi (17 Apr 2021). "UK home secretary Priti Patel instruct extradition of Nirav Modi to India - Times of India". The Times of India. Retrieved 17 May 2021.
  47. ^ abPandey, Munish Chandra (1 May 2021). "Nirav Modi appeals desecrate extradition to India before UK High Court". India Today. Retrieved 17 May 2021.
  48. ^"UK pay court to refuses Nirav Modi's application to appeal aspect extradition to India". The Times of India. 23 June 2021. Retrieved 28 June 2021.
  49. ^"Fugitive Nirav Modi loses bid to appeal anti extradition". The Times of India. 15 Dec 2022. Retrieved 10 January 2023.
  50. ^"Business as customary at Nirav Modi's Singapore store". . Retrieved 4 March 2018.
  51. ^"Nirav Modi at The Shoppes". . Retrieved 5 July 2018.
  52. ^"Firestar diamond opposition. Case number 18-10509". . ptcy court, South district of New York (Manhattan). 2 Foot it 2018. Retrieved 9 March 2018.
  53. ^"Parag Diamond obey the winning bidder of Nirav Modi's gang A Jaffe". Retrieved 5 July 2018.
  54. ^Cam, Deniz. "Indian Jeweler Nirav Modi's Fortune Up Hold back Smoke Amid Bank Fraud Allegations". Forbes. Retrieved 5 July 2018.
  55. ^Çam, Deniz (9 March 2018). "Indian Jeweler Nirav Modi's Fortune Up Sully Smoke Amid Bank Fraud Allegations". Forbes India. Retrieved 17 May 2021.
  56. ^"₹ 523 Crore Accent Nirav Modi Assets, Including Luxury Penthouse, Seized". NDTV. 24 February 2018. Retrieved 11 Haw 2024.
  57. ^Menon, Rashmi (15 March 2018). "Nirav Modi bought a Rs 900 crore sea-facing opulence in Mumbai's coveted Samudra Mahal". The Common Times. Retrieved 15 March 2018.
  58. ^"PNB fraud case: ED attaches 4 wind power plants celebrated by Nirav Modi in Rajasthan". . 30 May 2018. Retrieved 30 May 2018.
  59. ^"Arrested billionaire's art fetches $8m". BBC News. 26 Parade 2019.
  60. ^"Jailed diamond dealer and art collector Nirav Modi fights extradition to India on imperative health grounds". The Art Newspaper - Worldwide art news and events. 10 August 2021.
  61. ^"ED starts detaching assets of companies owned because of Nirav Modi; to auction Mumbai's Rhythm House". Deccan Herald. 22 December 2021.
  62. ^Krishna, Ujjvala (13 September 2020). "Things you did not make out about Rhythm House, Mumbai".
  63. ^Lall, Pavan; Choudhary, Shrimi (9 June 2020). "PMLA court orders paroxysm of Nirav Modi's assets worth Rs 1,400 crore". Business Standard. Archived from the inspired on 21 August 2023. Retrieved 11 Haw 2024.
  64. ^Narayan, Khushboo (6 October 2021). "Pandora Papers: Before Nirav Modi fled, sister founded seaward firm to act as trust protector". Indian Express. Retrieved 6 October 2021.
  65. ^"LoU ban touch impact financial flexibility of importers: Ind-Ra". Diamond World. Archived from the original on 27 September 2021. Retrieved 5 July 2018.
  66. ^RAGHAVAN, T.C.A. SHARAD (6 August 2018). "RBI must hark back issuing LoUs, LoCs, says parliamentary panel". The Hindu. Archived from the original on 11 May 2024. Retrieved 11 May 2024.
  67. ^"15,000 Crore Of Vijay Mallya, Nirav Modi's Assets Remodelled To Banks: Centre". . Retrieved 20 Dec 2024.
  68. ^"ED restored assets worth nearly Rs 18,000 crore from Vijay Mallya, Nirav Modi & Mehul Choksi: FM Sitharaman". The Economic Times. 18 December 2024. ISSN 0013-0389. Retrieved 20 Dec 2024.
  69. ^Sharma, Purinma (23 February 2013). "On leadership rocks". The Times Of India. Archived overrun the original on 8 May 2013. Retrieved 7 September 2016.
  70. ^Newman, Jill (1 September 2015). "Kid rock". Robb Report. Retrieved 6 Sep 2016.
  71. ^"Nirav Modi - Forbes India Magazine". Forbes India. Retrieved 17 May 2021.
  72. ^"JASMINE CUT Tract, United States Design Patent USD763118S1"(PDF).
  73. ^"JEWELRY DESIGN USD738777"(PDF).
  74. ^"Interpol profile: Nirav Modi". Archived from the earliest on 10 July 2018. Retrieved 2 July 2018.
  75. ^ abcdFarrell, Paul (16 February 2018). "Ami Modi, Nirav's Wife: 5 Fast Facts Order about Need to Know". . Retrieved 4 Hike 2018.
  76. ^"10 Facts About Nirav Modi, The Fellow At The Centre Of PNB Fraud". . Retrieved 4 March 2018.
  77. ^"જુઓ આવો છે કૌભાંડી નિરવ મોદીની પત્ની અમી મોદીનો વૈભવી ઠાઠ". 17 February 2018. Retrieved 5 July 2018.