JEWELLER NIRAV MODI BOOKED IN ~280CRORE CHEATING CASE

NEWDELHI: One of India’s top diamond jewellers, billionaire Nirav Modi, has been booked by the Central Bureau of Investigation (CBI) on charges of cheating the state-owned Punjab National Bank of around ₹280 crore.

Besides Modi, CBI has also named his brother Nishal Modi, wife Ami Modi, and maternal uncle Mehul Chinubhai Choksi in the case. A retired and a serving officer of the bank along with other unknown persons have also been named in the matter.

Following the registration of First Information Report (FIR), the CBI carried out searches at 21 locations including the residence all of those accused and companies connected with the case.

The FIR, seen by HT, was filed on the basis of a complaint that the agency received from Punjab National Bank. The complaint alleged that Modi, his brother, wife and uncle, who all are partners in three firms — Diamond R US, Solar Exports and Stellar Diamonds — conspired with the bank’s then deputy manager Gokulnath Shetty (since retired) and another official Manoj Kharat to cheat the bank and caused ‘wrongful loss’ of around ₹280 crore in 2017.

A representative of Modi’s company did not offer any comment for the story on his behalf.

A response to an email sent to www.niravmodi.com, seeking comments on the case, said, “This matter has no affiliation, legal or otherwise with Firestar International Limited which is the flagship enterprise of Mr Modi.”

In January 2017, the tax department had raided various offices and residences of Nirav Modi on charges of alleged tax evasion. These raids were conducted at locations in Mumbai, Delhi, Jaipur, SEZ units in Surat.