Gold, platinum and diamond jewelry belonging to Nirav Modi’s Firestar Diamond International will be sold by liquidators in Mumbai, India, in an e-auction next month. The fugitive jeweler, aged 51, is accused of fraudulently using letters of undertaking offered by the Punjab National Bank (PNB) in an alleged $1.85bn fraud. No reserve price has yet […]
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]]>Gitanjali Gems, the company established by Mehul Choksi, the fugitive diamantaire, has been named India’s biggest willful defaulter, with unpaid loans of Rs 7,848 crore ($947m). The Reserve Bank of India (RBI), has announced a Top 50 of “can pay, won’t pay” borrowers. Gitanjali once had 4,000 points of sale, and more than a 50 […]
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]]>Nehal Modi, younger brother of fugitive diamantaire Nirav Modi, has been convicted by a US court of fraudulently obtaining diamonds worth over $2.6m. Modi, 41, a diamond trader, made false representations between March and August 2015, regarding a purported deal with Costco Wholesale Corporation to obtain the gems LLD, also known as Lev Leviev Diamonds. […]
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]]>The World Federation of Diamond Bourses (WFDB) has released the second in what is planned to be a regular series of blog articles by President Ernie Blom. Following the first blog that was distributed to the media last week on the issue of the Kimberley Process Certification Scheme, this blog looks at the New Normal […]
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]]>The central figure in an alleged $2bn fraud that rocked India’s state-owned Punjab National Bank has been arrested in London in response to a request from New Delhi to extradite him. Nirav Modi, a celebrity jeweller whose boutiques were in some of the world’s most prestigious shopping districts, was refused bail by a Westminster magistrates’ […]
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]]>India’s The Enforcement Directorate (ED) announced it had seized “movable and immovable properties located in Mumbai and Surat, having market value of Rs147.72 crore consisting of eight cars, plant and machinery, consignments of jewellery, paintings and immovable property, owned by Nirav Modi and his group companies, namely Firestar Diamond International Private Limited, Firestar International Private […]
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]]>With scams and frauds tainting jewellers, Titan Co. Ltd believes the time is just right for its Tanishq brand to burnish its clean image, scoop up market share and boost overall growth. The watches and accessories firm is planning to open 44 new Tanishq stores in 2018-19, marking one of its fastest expansion plans to […]
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