Nirav Modi Wiki | Nirav Modi PNB Scam | Nirav Modi Bank Fraud
he went to the elite Wharton Business School but he dropped out and returned to India and get skilled in the diamond trade business under his uncle.
later, he founded the Nirav Modi jewelry brand and he is known to have elite clients in the international market.
Bollywood actress Priyanka Chopra was appointed as the global ambassador for the Nirav Modi brand.
Buyer’s Credit is a short-term loan facility provided to Importers by Banks.In buyer's credit bank provides credit to the importer and a financial entity located the exporter’s country for Loan guaranty
It’s a widely used instrument for International Business.
Read Also, The 2G Scam , The Fodder Scam
The CBI has booked Nirav Modi his wife Ami Modi, brother Nishal Modi and his maternal uncle Mehul Choksi in an alleged $ 1.8 Billion Fraud case, the action was taken on the Punjab National Bank (PNB) complaint.
Who is Nirav Modi?
Who is Nirav Modi?
Nirav Modi was born in a Gujarati family and grew up in Belgium, a place well known as the center for international refined diamond trade. Nirav Modi has founded Firestar Diamond and has a growing retail business in the top cities of the world including Delhi, Mumbai, New York, London, Hong Kong and Macau.
Even In Donald Trump has attended the inauguration of his first store in New York’s Madison Avenue was attended 2015,
Elite Business Magazine Fortuner India reported. That Nirav Modi’s retail Business presence grown in recent years this marked him as one of the youngest Indians in the Forbes Billionaires List 2017.
Even In Donald Trump has attended the inauguration of his first store in New York’s Madison Avenue was attended 2015,
Elite Business Magazine Fortuner India reported. That Nirav Modi’s retail Business presence grown in recent years this marked him as one of the youngest Indians in the Forbes Billionaires List 2017.
he went to the elite Wharton Business School but he dropped out and returned to India and get skilled in the diamond trade business under his uncle.
later, he founded the Nirav Modi jewelry brand and he is known to have elite clients in the international market.
Bollywood actress Priyanka Chopra was appointed as the global ambassador for the Nirav Modi brand.
The Scam Revealed
PNB has filed a complaint with the Central Bureau of investigation, mentioned that they have detected the fraudulent issuance of Letter of Undertakings (LOU) in Mid Corporate Branch, Brady House, Mumbai
when the Partnership firms M/s Diamond R US, Solar Exports, and Stellar Diamonds Partner named Mr. Nirav Modi, Nishal Modi (Brother), Mrs. Ami Modi (Wife) and Mehul Choksi (Uncle)
when the Partnership firms M/s Diamond R US, Solar Exports, and Stellar Diamonds Partner named Mr. Nirav Modi, Nishal Modi (Brother), Mrs. Ami Modi (Wife) and Mehul Choksi (Uncle)
contacted the Bank with export documents and asked for Buyer’s Credit to pay the dues of Overseas suppliers.but there was no Loan limit sanctioned in the name of these firms so the bank officers asked them to furnish 100% cash Margin money for buyer’s credit issuance against the Letter of Undertakings. And the Firms replied that they have availed the same facility earlier. but bank found that there is no such records.
Later the Bank officials found that two bank Employees had issued the buyer’s credit without following the standard procedure and the required approval. the accused employees had transmitted the SWIFT instructions to the foreign branches for Issuing the Buyer’s Credit and they have not entered the same in bank records so that the fraud can’t be detected easily
Later the Bank officials found that two bank Employees had issued the buyer’s credit without following the standard procedure and the required approval. the accused employees had transmitted the SWIFT instructions to the foreign branches for Issuing the Buyer’s Credit and they have not entered the same in bank records so that the fraud can’t be detected easily
Buyer’s Credit is a short-term loan facility provided to Importers by Banks.In buyer's credit bank provides credit to the importer and a financial entity located the exporter’s country for Loan guaranty
It’s a widely used instrument for International Business.
Read Also, The 2G Scam , The Fodder Scam
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