Who is Nirav Modi and what he did the scam?

Nirav Modi, now he is very famous in social media with the satirical posts and comments on him, as he facing accusation by Punjab National Bank in a misappropriation of banker’s money recently and made a compliant on Nirav Modi in this contex. The Punjab National Bank authorities lodged a complaint on Nirav Modi with the investigation of CBI by accusing misappropriation of approximately Eleven thousand crores in their bank and diverted the money to his family member’s accounts.  They also expressed doubt about Nirav Modi that other banks are also may gave loan to him and his family members.  They accused as Nirav Modi diverted the huge amount from Mumbai branch to his family, relative’s accounts, who resided in abroad.  The authorities expressed their doubts that, he may gave loans to the customer’s of abroad based on “Letter of Understanding” “Foreign Letters of Credit”.  Approximately 10 number of bank officials have been suspended in this case and enquiring those accused officials to obtain the required information.

Brief introduction about Nirav Modi:

Nirav Modi is the resident of Gujarat State and his father’s business is diamonds & jewelry since decades.  He adopted his father’s profession as his business and started diamonds business, developed as a big shot year by year.  He got a place as very younger Billionaire of Indian in Forbes Billionaires list of 2013 year and again he achieved the rank of 1067 in 2016 Forbes list and he got 46^th rank among Indian Billionaires.  In the year 2017 he got 57^th rank in the same Forbes list.  Nirav established a diamond company named “Fire Star Diamonds” and expanded his businesses in three continents from Asia (China) to North America.

Nirav Modi established a store in New York City in the process of expending his businesses worldwide.  Indian famous actress Priyanka Chopra appointed as Brand Ambassador for his brand jewelries.  Nirav Modi’s jewelries got popular as fashion icon and also he had tremendous image as “luxury diamond designer”.

Priyanka Chopra as a Brand Ambassador for Nirav Modi's Diamonds

On the other side, Nirav Modi promoted diamonds as not only for jewelry but also for good profitable investments.  Recently, the Income Tax officials also attacked on his stores which are situated at Surat, Delhi and Jaipur cities in context of a cheating case recorded by Punjab National Bank.

What Government of India learnt from these cheating cases?

The Central Bureau of Investigation (CBI) filed the case and in the process of investigation, necessary notices issued to Nirav Modi and the case is under statutory procedures.  Nirav Modi gone to abroad and absconded since the case filed by Punjab National Bank on him through CBI.  Let’s wait and see that, Nirav Modi inspired by Vijay Malya or not?  If he also escaped from the loop holes of statutory procedures, many of others may do misappropriation, cheating, theft attempts in the same way by taking advantages with reference to Vijay Malya and Nirav Modi.  The Government of India should not keep in a silent mode in these kind of cases and should take necessary suitable severe action on those corporate cheaters and should revise the rules of banking sectors to protect the money from cheaters.

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