CBI on Wednesday received two complaints from Punjab National bank against billionaire jewellery designer Nirav Modi and a jewellery company regarding fraudulent transactions worth over Rs 10,000 crore. However, Investigation agencies are clueless about the whereabouts of Nirav Modi, the prime accused in the case. According to TV reports, Nirav Modi has left India.
The Enforcement Directorate is currently conducting raids at the residence and offices of Nirav Modi and PNB. The ED had earlier registered money laundering case against Nirav Modi and others in connection with the scam.
Who is Nirav Modi?
Nirav Modi is a luxury diamond jewellery designer who was ranked 57 in the Forbes list of billionaires in 2017. Modi is the founder and creative director of the Nirav Modi chain of diamond jewellery retail stores.
He is also the Chairman of Firestar International, the parent of the Nirav Modi chain, which has stores in key markets across the globe.
Nirav Modi's designs are promoted by Priyanka Chopra, Andreea Diaconu and Rosie Huntington-Whiteley, found a home on the catwalks of London, New York and Paris apart from the photo spreads of Vogue.
According to Forbes magazine, Modi has launched 16 stores in diverse locations such as such as Delhi, Mumbai, New York, Hong Kong, London and Macau.
PNB loses 17% in two days:
The Punjab National Bank (PNB) shares plunged over 5% on Thursday in the morning trade, a day after losing 10% in the market capitalisation after a colossal banking fraud was brought to light.