The Central Bureau of Investigation (CBI) has charged celebrity jeweller Nirav Modi and Punjab National Bank (PNB) officials for cheating the bank for over Rs 280.7 crores. His brother Nishal Modi and wife Ami, all partners of Diamon R US, Solar Exports, Stellar Diamonds were also accused in a complaint filed by PNB.
The Income Tax officials have raided his offices in Surat, Jaipur, and Delhi on January 31.
Nirav Modi is diamond jewellery designer and founder of Firestar Diamond. He has a brand under his own name "Nirav Modi" headquartered in Mumbai. He has boutiques in London, New York, Las Vegas, Hawai, Singapore, Beijing, and Macau. His clients include renowned celebrities around the world.
The parties charged have been accused of collectively conspiring with bank officials causing wrongful loss. A report says that the deputy manager Gokul Nath Shetty (who is now retired) and Manoj Kharat fraudulently issued LOU (Letter of Undertaking) without following prescribed procedures.