RAZED: Nirav Modi’s sea-side, hill-top bungalow razed following HC order; and who is Nirav Modi

picture courtesy … India TV


MUMBAI: A luxury home of diamond merchant Nirav Modi, who had defrauded Punjab National Bank and taken refuge abroad, has been brought down by use of dynamite sticks Friday in Alibaug, a seaside resort town in Maharashtra.  The reason: he violated coastal zone building regulation rules. This has nothing to do with the fraud he’s accused of committing in relation to the PNB case. 

In the PNB case, he’s accused of defrauding the Indian bank of a huge sum of $2billion… and this case is progressing slowly, as is the case with several other banking fraud cases. 

The action followed an order from the Mumbai high court. The bungalow is estimated to cost Rs 100crore. The enforcement directorate (ED) of the Union Government had pleaded against the demolition of the bungalow, but the high court had put its foot down. The bungalow admeasured 33,000 sq feet. 

Nirav Modi, who shows off as a Belgian, was born of Indian parents who had migrated to Belgium. His father was a diamond jeweller. Nirav had been sent to reputed Wharton for his higher education but could not complete it due to the failure of his father in diamond business.

Nirav Modi, in his 40s, then returned to India and joined the diamond trade under his uncle Mehul Choksi, who ran the Gitanjali Gems, and is accused of some banking scams. Slowly, Nirav Modi started building an international brand for diamond industry. He used Hollywood stars like Kate Winslet and Dakota Johnson to walk the red carpet and show off Nirav Modi jewels. He rope in Priyanka Chopra too. 

By 2015, his billboards featuring model Lisa Haydon started taking up positions in south Mumbai. His diamond trading units were Firestar Diamond and Nirav Modi. He also opened international stores in the US, at Fifth Avenue in New York, as also on Old Bond Street in Mayfair, London, as also in Hong Kong.

Then came reports about fraudulent activities. Modi was accused of cheating Punjab National Bank of Rs 2.8billion. The CBI registered cases, but as in several other cheating cases of huge proportions, things would not move. Modi and others virtually bought time to save themselves. –IHN-NN
INDIA HERE AND NOW http://www.indiahereandnow.com email:indianow999@gmail.com

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