How India's Biggest Diamond Scam Unfolded

Once the undisputed king of diamond jewelry designing, Nirav Modi, is all set to be welcomed by the Arthur Road Jail, Mumbai. A life that was once studded with diamonds and celebrities, came crashing down after the aftermath of the infamous Punjab National Bank scam. The Forbes India magazine named Nirav Modi the 47th richest person. Once a billionaire, Nirav Modi is worth a few million dollars today. How did his empire collapse with a series of allegations of one of the biggest scams in the history of this nation? This is the story of Nirav Modi, who went from riches to rags in a matter of days.

The Scam

The scam consists of a few Punjab National Bank employees and their fake letter of understanding (LOUs). On January 16, a firm, which has Nirav Modi and its relatives as partners, approached the Punjab National Bank to request for buyer’s credit. These buyer credits were being asked to make payments to overseas clients. Without any assurance, these credits were issued to the firm and a couple of employees used their influence to keep the bank officials in the dark. If you are looking for a diamond buyer in Delhi NCR call 9999821702.

Diamond Buyer


How It Unfolded

Bombay Stock Exchange was informed by the Punjab National Bank that fraud has been detected by it regarding unauthorized transactions. The fraud was detected by one of the branches in Mumbai. This news resulted in the plunging of the share of the PNB by more than 10%.

The Aftermath

As we have seen before with other fraud, Nirav Modi too escaped India and flew to the safe havens of London. Reports came after a year that Nirav Modi was living a life of luxury in London with a house worth seventy-two crores and was running a diamond business there. While the Indian authorities were trying hard to extradite him, he was living a good life in London. For the best diamond buyer give a call at 999821702.

The Recent Verdict

In the recent judgment, a London court has ordered the extradition of Nirav Modi to India. India in response has started preparing a cell in Mumbai’s Arthur Road jail. This news took so long to come that most Indians had lost any hope of his ever returning to India. The recent judgment has restored the faith of the world judiciary.

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