Born into a Gujarati family of diamantaires, Mr. Nirav Modi, the billionaire businessman caught in the middle of the controversy, grew up in Belgium, which is known as the center for global refined diamond trade. Along with his firms, which are connected to his uncle Mehul Choksi, the "Pappu of the Diamond Trade".
"All the luxury watches were meant for sale through Modi's jewellery stores across India".
His designs have been worn to the Oscars by "Hidden Figures" star Taraji P. Henson and to the Golden Globes by Dakota Johnson, among others.
Priyanka Chopra has appeared in various Nirav Modi jewelers TV commercials and ads.
How Was The Fraud Detected?
In the complaint, the BoM said: "The overvalued valuations were deliberately given in connivance with the borrowers and the guarantors.to fraudulently induce the bank to finance the borrower". The FIR is available on the CBI's website. Nirav Modi firms Stellar Diamond and Solar Exports and Diamonds have together borrowed close to Rs 4,000 crore from banks.
The $1.8 billion fraud hit Punjab National Bank (PNB) has said that Indian skipper Virat Kohli continues to be its brand ambassador. PNB is also not the only Indian bank whose systems were breached. "SWIFT linkage to CBS is being fast- tracked by banks".
The ED officials also seized a large collection of imported watches from several locations connected to the diamond czar during the searches in the last few days.
In a release issued earlier this week, the RBI said it had alerted banks three times since August 2016 for a possible misuse of the SWIFT infrastructure. The agency announced the raids on 22nd February 2018.
The agency's action comes in the wake of its ongoing probe - along with the Central Bureau of Investigation (CBI) - against the two and many others including directors of their companies and bank officials into the alleged bank fraud.
In the wake of SWIFT-related fraud involving significant amount, reported recently by Punjab National Bank (PNB), RBI in the statement also reiterated its confidential instructions and mandated the banks to implement, within the stipulated deadlines, the prescribed measures for strengthening the SWIFT operating environment in banks.