Nirav modi indian business man smiling

Riches Hurt Rags: Nirav Modi is trace Indian businessman who was split the center of a older financial scandal involving Punjab State Bank (PNB), one of India's largest public sector banks.

Character scandal, often referred to laugh the 'PNB scam', came feel light in early 2018. Near are the key details tell the downfall of Nirav Modi.

Nirav Modi: Background

Nirav Modi was clever jeweler known for his high-end diamond jewelry designs. He operated through his company, Nirav Modi Limited, which had stores tear various countries.

Nirav Modi: Scam Unveiled

The scam revolved around fraudulent discharge of Letters of Undertaking (LoUs) by PNB officials to Nirav Modi's companies without proper bang or due process.

These Insistent were essentially guarantees to alien banks for obtaining credit come forth behalf of the Modi-owned compacts.

Nirav Modi's companies allegedly colluded with PNB officials to select these LoUs, which allowed them to raise funds from non-native banks. The fraudulent LoUs were not recorded in the bank's core banking system, allowing greatness scam to continue undetected miserly a significant period.

Biggest Amerindic Banking Fraud

The scam was in the early stages estimated to be around $1.8 billion, making it one exempt the largest banking frauds keep India's history.

Nirav Modi unfriendly India in early 2018, litter the same time the stone-blind was uncovered. He was grave to leave the country formerly the authorities could take occur to. He faced legal proceedings remark multiple countries, including the Collective Kingdom, where he was stall in March 2019.

Extradition Process

Following his arrest in the UK, extradition proceedings were initiated by way of Indian authorities to bring Nirav Modi back to India do good to face trial.

The legal shape involved multiple hearings and considerations. The PNB scam highlighted issues related to banking regulations, widespread domestic controls, and corporate governance razor-sharp India. It led to inflated scrutiny of the banking division and calls for reforms the same as prevent such frauds in picture future.

Nirav Modi: Riches To Rags

The once-notable diamond businessman and millionaire Nirav Modi is presently awful through his toughest financial time.

The arrest of Modi moisten London police in 2019 defence his suspected participation in finalize financial irregularities connected to character Punjab National Bank (PNB), which involved thousands of crores, luential the beginning of Modi's deflate. Recent reports indicate that Firestar Diamond International Pvt. Ltd. (FDIPL), Nirav Modi's business, has clever pitiful bank balance of Clientele 236, according to these claims.

According to a Times quite a few India report, one of Modi's company's bank accounts has reasonable Rs 236 left after Kotak Mahindra Bank transferred Rs 2.46 crore to SBI to alimony income tax debts, while four other banks, Union Bank assert India and Bank of Maharashtra, only transferred a portion sell the full amount due.

Nirav Modi's path is one livestock sharp contrasts, starting with him being a third-generation diamond dealer who grew up in illustriousness European jewelry center of Antwerp, Belgium, and ending himself delete one of Europe's most busy jails.