Sourcing

Report: Nirav Modi Located in the UK

SourcingAug 23, 2018

Report: Nirav Modi Located in the UK

The New York Times reports that India’s Central Bureau of Investigation is seeking extradition of the diamantaire wanted for allegedly cheating a bank out of billions.

2018_Modi_store_Vegas.jpg
A rendering of the exterior of the Nirav Modi boutique in the Wynn Las Vegas, which is now closed along with the wanted diamantaire’s other U.S. stores. Modi has reportedly been located in the United Kingdom and Indian authorities are seeking to bring him home.

New York—Nirav Modi, the Indian jeweler wanted for allegedly cheating a state-run bank out of nearly $2 billion, has been located and Indian authorities are seeking his extradition, The New York Times reports.

The Times published a story Monday quoting a spokesman for India’s Central Bureau of Investigation as saying that Interpol told the CBI that Modi is in the U.K. The bureau is “moving for his extradition,” the spokesman said.

Interpol, the international police organization, has a red notice out on Modi, which is the alert used to signify that an individual needs to be located and arrested pending extradition.

Neither the CBI nor Interpol responded to National Jeweler’s request for an update by press time.

Born into a family of diamond merchants in Antwerp, Modi ventured out on his own, dealing in loose diamonds before expanding into manufacturing jewelry and then launching his own brand.

Eventually, he began opening upscale boutiques around the world stocked with dazzling pieces from his eponymous line, including on Madison Avenue in New York, the Ala Moana Center in Honolulu and the Wynn hotel in Las Vegas.

Modi’s designs also received plenty of red-carpet play. In what was perhaps his brand’s last splashy Hollywood appearance, “The Handmaid’s Tale” star Yvonne Strahovski donned Nirav Modi diamond earrings and ring at the SAG Awards on Jan. 21.

About a week after that red carpet turn, the 47-year-old diamantaire’s empire began to unravel.

On Jan. 29, the CBI registered a case against Modi, his brother Neeshal and his uncle, Gitanjali Gems Managing Director Mehul Choksi, accusing them of colluding with employees of Punjab National Bank to swindle the second-largest state-owned financial institution out of about $1.8 billion.

Both Nirav Modi and Choksi have denied any wrongdoing through their attorneys.

Since the case came to light in January, the CBI has been on the hunt for both Modi and Choksi, with reports placing the former everywhere from Hong Kong to St. Kitts to New York to London.

RELATED CONTENT: Nirav Modi Case Is ‘Another Nail in the Coffin’
The Times story detailed the frustration in India over fraudulent loans doled out by state-run banks and the government’s inability to bring wrongdoers accused of stealing billions to justice while indigent farmers commit suicide over their inability to pay back just a few hundred dollars.

Along with Modi, there’s Winsome Diamonds’ Jatin Mehta, whom the CBI reportedly charged with bank fraud in June
but who remains out of reach on the island of St. Kitts. The Times also cited the case of Vijay Mallya, aka The King of Good Times, a former member of parliament and airline and liquor magnate who fled to Britain after allegedly cheating Indian banks out of more than $1 billion.

In the diamond industry, the alleged fraud perpetrated on Punjab National Bank put further strain on an industry already struggling with financing and forced four U.S.-based companies to file for bankruptcy: A. Jaffe—which has since been sold—Firestar Diamond, Fantasy Inc. and, most recently, Samuels Jewelers, the 120-store jewelry chain owned by Choksi that filed for Chapter 11 earlier this month.
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

Weekly QuizMar 21, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

Julia Roberts wearing a Chopard necklace
CollectionsMar 20, 2024
Julia Roberts Co-Designs New Chopard Jewelry Collection

“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."

Tanzanite white gold ring Jared
FinancialsMar 20, 2024
Signet’s Q4 Same-Store Sales Sink 10%

The jewelry giant also posted a double-digit drop in same-store sales for the full year.

Gold and diamond Baume & Mercier watch Elvis gave to Dodie Marshall
AuctionsMar 20, 2024
Vintage Baume & Mercier Gifted by Elvis Going Up for Auction

Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”

Sketch of Suhan Wang necklace design
Events & AwardsMar 20, 2024
See the Winner of GIA’s Design Competition

The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.

Stock image of a gavel and handcuffs
CrimeMar 19, 2024
Jewelry Factory Supervisor Arrested for Allegedly Stealing Precious Metals

The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy