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Nirav Modi and Mehul Choksi: How the scam unfolded?

PNB bank scam outlined by diamond entrepreneur Nirav Modi.

RTIwala Trending: Nirav Modi and Mehul Choksi are the talks of the town these days. The CBI, after a complaint by Punjab National Bank, have declared them defaulters. The Ministry of External Affairs suspended the passports of both the protagonists.

Also Read: Gaurav Munjal – The Other Salman Khan of India

Who are Nirav Modi and Mehul Choksi?

Nirav Modi is the name famous among the Bollywood celebs is one of the famous jewelry designers running a brand under his name as ‘NIRAV MODI’. He is the third-generation of his family, who grew up in Belgium, where his father still runs a diamond business. He had been a dropout of Wharton and moved to India to learn the ropes of the diamond trade from his uncle Mehul Choksi.

Also Read: Why the Fodder Scam Means a Dent in Indian Politics with an Ousted Lalu Prasad?

Nirav has founded his own diamond sourcing and trading company named as Firestar which is valued over Rs.6400 crore. He has launched the Nirav Modi brand in 2010 and has Priyanka Chopra, Sonam Kapoor to Kate Winslet as his A-listers clients from Bollywood to Hollywood. There are three more companies that are owned by Nirav and his relatives they are Diamonds R US, Solar Exports, and Stellar Diamonds.


 

Mehul Chinubhai Choksi is Nirav’s uncle and owns jewel firms name Gitanjali Gems, Gili India and Nakshatra brand. The Central Bureau of Investigation has looked out for four accused Nirav, his wife Ami Nirav Modi and his brother Nishal Modi and Uncle Mehul Choksi all of them have left for abroad during the first week of January. Ami is said to be an American citizen, while Nishal is a Belgian national.

Do you know the inside story about these Jewel thieves?

RTIwala Explains Nirav Modi & Mehul Choksi Fraud
              (Image Source: National Herald)

Nirav Modi and his Uncle Mehul Choksi came into limelight when Minister of External Affairs suspended the validity of their passports after the advice of Enforcement Directorate department. As the suspects are out of the country the ED has advised the MEF to suspend their passport at earliest. Both of them have been asked to respond within a week. The investigation agencies, banks, and the Interpol all of them have tightened the noose around billionaire diamantaire Nirav Modi who’s fraud of Rs.11, 400 crores have been detected at Punjab National Bank.

Also Read: PM Narendra Modi at the World Economic Forum

While making an investigation at Nirav’s and his relative’s properties, the agency seized diamonds, jewelry, gold worth Rs.5100 crore. This included some bank fixed deposits and documents relative to import bills. The CBI has conducted searches against Choksi across 20 locations in Maharashtra, Gujarat, Rajasthan, Telangana, and Tamil Nadu. And also the PNB officials who were found accused in this whole conspiracy are under custodial inquiry.

Will such scams results to some conclusion or they will be merely a piece of cake over political debates?

These scams come and go and become a topic of discussion for political parties for a while. Now it is being stated that it is ‘banking fraud’ and not a ‘government fraud’. One party blames the other that this is the scam that happened in the opposition party but came to light when they revive the new banking system in their government.

Such issues last forever and no final conclusion has ever been drawn. Big thieves hide abroad and on the other hand, an investigation is said to be continued without digging out any effective result.


 

 

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