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Nirav Modi Under Investigation for Bank Fraud
Feb 11, 2018 10:53 AM
By Rapaport News
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RAPAPORT... India’s Central Bureau of Investigation (CBI) has launched a
probe into billionaire jeweler Nirav Modi over allegations he defrauded a state
bank of $44 million, Reuters reported.
The Punjab National Bank complained to the CBI that Modi and
others had conspired with bank officials for financial gain, the report said
last week. Earlier this month, the CBI raided Modi’s home, as well as 21 locations
linked to his companies and those of others accused in the case, the news
organization cited a spokesperson for the bureau as saying.
The fact that the CBI is investigating and has registered
the complaint does not mean the case will ever go to trial, the report noted,
adding that the inquiry was in its early stages.
Modi’s diamond-retail firm, Firestar International Limited,
“has no affiliation, legal or otherwise” with the case, the company said in a statement. The CBI did not name Firestar in its accusations,
Reuters said.
A spokesperson for Modi did not immediately
respond to Rapaport News’ request for comment.
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Tags:
bank, CBI, Central Bureau of Investigation, Firestar, Firestar International Limited, fraud, jeweler, Nirav Modi, Punjab National Bank, Rapaport News
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