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Hollywood stars like Kate Winslet and Viola Davis once wore Indian jeweler Nirav Modi’s dazzling ornaments on the red carpet, and Bollywood crossover Priyanka Chopra’s face adorned billboards advertising Modi’s eponymous brand. The diamond trader’s days as a media darling, however, appear to have come to an end. In a complaint filed with India’s federal investigative agency in January, state-run Punjab National Bank alleged that Modi was at the center of one of India’s biggest bank fraud schemes, reportedly involving at least $1.8 billion.
The scandal broke a week after Modi was photographed at the World Economic Forum in Davos in late January. Since then, he lost nearly all of his assets. The Indian government, which has been investigating the claims, has reportedly confiscated his possessions; the U.S. subsidiary of his jewelry company Firestar International filed for bankruptcy in late February in New York City. Modi could not be reached for comment but has reportedly denied the allegations. Calls to two of his retail stores, one in London and one in New York, were not answered. Forbes went to its store on the Upper East Side. While Modi's name was still up outside of the store, its displays—still fully lit—were emptied and its blinds were closed.
Source : Forbes.
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