Punjab National Bank (PNB) revealed on Wednesday that it detected fraudulent transactions worth Rs 11, 000 crore in a south Mumbai corporate branch, involving firms promoted by jeweller Nirav Modi.Here’s some backgrounder on Nirav Modi.
- Indian-born diamond jewellery designer Nirav Modi is the founder of the $2.3 billion (revenues) Firestar Diamond.
- Modi grew up in Belgium, dropped out of Wharton and moved to India where he got trained in the diamond trade under his uncle.
- He went on to launch his own Nirav Modi brand with 16 stores in locations such as Delhi, Mumbai, New York, Hong Kong, London and Macau.
While his family was in India, the billionaire businessman grew up in Belgium, which is known as the centre for international refined diamond trade. Though he went to Wharton Business School, he dropped out and moved to India to train in the diamond trade under his uncle. Years later, he started the Nirav Modi jewellery brand and is known to have rich clients in the international market. Last year, Bollywood actress Priyanka Chopra was also roped in to be the global ambassador for the Nirav Modi brand.
As per Forbes, Nirav Modi REAL TIME NET WORTH — as of 2/15/18 was $1.73 B
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