Allow Cookies!
By using our website, you agree to the use of cookies
The recent revelation regarding $1.8 Billion fraud done by India based diamond merchant Nirav Modi is generating concern amongst people as to how the trade of this glitzy substance resulting into defraud of $1.8 Billion has been propelled by the nexus with certain members of Punjab National Bank. The Capital market regulator of the country SEBI is looking into trade details and various suspected violations by Modi linked entities including jewellery major Mehul Choksi of Gitanjali Gems. SEBI is conducting supervisory assessment of Punjab National Bank in addition to that the Ministry of Corporate Affairs and is looking into filings of all registered companies and directors associated with Nirav Modi and Choksi. The ministry has also identified 150 shell companies for investigations. The state-run bank has alleged that Modi fraudulently acquired PNB guarantees which they later used to obtain loans overseas. The companies where Nirav Modi is director o=include Firestar Diamond International Pvt. Limited, Firestar Diamond International Pvt. Ltd. Radhashir Jwelry Company and Jwelry Solutions International. The four LLP’s with his direct association include Panchajanya Diamonds LLP, Neeshal Enterprises LLP, Paragon Jwellery LLP and Paragon merchandising. Interestingly in the recent past several scams have come out where diamond traders have been found to be associated with fraudulent and other manipulative activities. It is often considered a route for money laundering activities such as valuation process of such commodities, which is also pone to manipulations. Several Indian as well as International celebrities have donned jewels made by Nirav Modi according to the information available in their website.
86540
103860
630
114
59824