Nirav Modi

$1.70 B

Ranked #1234 in World

About Nirav Modi

Belgian-born businessman and fugitive Nirav Deepak Modi, with roots in Gujarat, India, became a central figure in the $2 billion Punjab National Bank (PNB) fraud case, as identified by Interpol and the Government of India in August 2018. Modi, whose family has been in the diamond business for generations, founded the diamond sourcing and trading company Firestar in 1999 and expanded globally, including acquiring several American jewelry companies and launching the Nirav Modi brand. Despite achieving recognition for his designs, Modi's career took a drastic turn when the Central Bureau of Investigation initiated a probe into fraudulent transactions of approximately ₹28000 Crore. Following charges, assets worth Rs 523 crore were seized, and despite seeking asylum in the UK, Modi's extradition to India was approved by a UK court in February 2021, with subsequent legal appeals rejected. Modi's case remains one of the most infamous financial scandals in India, impacting financial regulations and banking practices in the country.

Born

January 01, 1971 in Palanpur, Gujarat, India

Age

55 years

Source Of Wealth

Diamond Jewelry

Industries

Fashion & Retail

Citizenship

India

Residence

Mumbai

Spouse

Ami Modi

Children

Nirav Deepak Modi was born on 27 February 1971 in Palanpur, Gujarat, India. He grew up in Antwerp, Belgium, where his family had been involved in the diamond business for generations. In 1989, Modi moved to Mumbai to work in his uncle Mehul Choksi's Gitanjali Group. He attended the Wharton School at the University of Pennsylvania but dropped out before completing his degree. During his time at Wharton, he met his future wife, Ami, the daughter of diamond businessman Amukuraj Choksey.

Nirav Modi: Family

Nirav Modi comes from a family with a long history in the diamond business. His father, Deepak Modi, was a successful diamond merchant, and his uncle, Mehul Choksi, is the founder of the Gitanjali Group, one of the largest diamond companies in the world. Modi's wife, Ami, is also from a prominent diamond family, and they have three children together.

Nirav Modi: Career Highlights

In 1999, Modi founded Firestar (formerly Firestone), a diamond sourcing and trading company. The company quickly became one of the leading diamond companies in India, and Modi was recognized as one of the most successful young entrepreneurs in the country. In 2008, he launched the Nirav Modi brand, which opened stores in major cities around the world. Modi also designed notable pieces of jewelry, such as the "Golconda Lotus Necklace" and the "Riviere of Perfection."

Nirav Modi: Companies

Nirav Modi was the founder and chairman of Firestar Diamond International Pvt. Ltd., a global diamond company. He also owned and operated several other companies, including Firestar USA Inc., A. Jaffe Inc., and Frederick Goldman Inc. These companies were involved in the sourcing, trading, and retailing of diamonds and jewelry.

Nirav Modi: Major Achievements

Nirav Modi was the first Indian jeweler to be featured on the covers of Christie's and Sotheby's Catalogues in 2010. He was also included in the Forbes list of Indian billionaires in 2013.

Modi holds patents for the Jasmine cut diamond and several jewelry designs.

Nirav Modi: Awards & Achievements

Nirav Modi received numerous awards and accolades for his contributions to the diamond industry. These include the Ernst & Young Entrepreneur of the Year Award in 2010, the CNBC-TV18 Young Business Leader Award in 2011, and the NDTV Profit Business Leadership Award in 2012.

Nirav Modi: Personal Life & Legacy

Nirav Modi is married to Ami Modi, and they have three children together. The couple met while studying at the Wharton School, and Ami is a US citizen. Modi is known for his conservative upbringing and his use of Gujarati at home. He also established the "Nirav Modi Scholarship for Excellence," which supports 250 students annually.

Nirav Modi: Trivia

Nirav Modi's downfall was triggered by a $2 billion fraud case involving Punjab National Bank (PNB). He is currently facing extradition to India from the United Kingdom, where he was arrested in March 2019. Modi's art collection was auctioned off in March 2019, and his properties and assets in India have been attached by the Enforcement Directorate.

Wealth History

Timeline

1971-02-27

Nirav Deepak Modi is born in Palanpur, Gujarat, India.

1989

Modi moves to Mumbai, India, to work in his uncle Mehul Choksi's diamond business, the Gitanjali Group.

1999

Modi founds Firestar (formerly Firestone), a diamond sourcing and trading company.

2008

Modi launches the Nirav Modi brand and opens stores globally.

2010

Modi becomes the first Indian jeweler to appear on the covers of Christie's and Sotheby's Catalogues.

2013

Modi is featured on the Forbes list of Indian billionaires.

2018-08

Modi is charged by Interpol and the Government of India for various financial crimes, including a $2 billion fraud case involving Punjab National Bank (PNB).

2018-08

The Central Bureau of Investigation (CBI) launches an investigation based on a complaint from PNB, alleging fraud of ₹28000 Crore (approx. US$4 billion) through fraudulent Letters of Undertaking.

2018-08

The Enforcement Directorate (ED) also begins investigating the case.

2018-08

Modi's stores initially remain open but later close.

2018-08

Firestar Diamond Inc. files for bankruptcy protection in Manhattan.

2018-08

Modi responds, claiming that the actions taken have destroyed his brand and business.

2018-08

Properties and assets in India are attached by the ED, estimated at around Rs 523 crore.

2018-08

Wind power plants and solar power plant are attached by the ED.

2018-08

Modi is removed from the Forbes billionaires list, with his estimated wealth falling below $100 million.

2018-08

The Reserve Bank of India (RBI) stops issuing Letters of Undertaking (LoUs) and Letters of Credit (LoCs) for imports, impacting importers.

2018-08

A.JAFFE, acquired by Modi through Synergies Corporation, is auctioned and closed.

2019-03

Modi is reportedly found safe in Hong Kong, later seeking asylum in the UK.

2019-03

Modi is sighted in the UK, and an extradition request is made by Indian authorities.

2019-03

Modi is arrested in London, and his art collection is auctioned.

2020-10

Multiple bail requests by Modi are rejected.

2021-02

A UK court allows Modi's extradition to India.

2021-04

The Home Secretary signs the extradition order, but Modi appeals.

2021-06

Modi's extradition appeal is rejected by the UK high court.

2021-12

The Pandora Papers reveal that Modi's sister set up an offshore firm before he fled India.

2022-12

The Royal Courts of Justice in London deny permission for Modi to appeal to the UK Supreme Court.

Nirav Modi : FAQs

What is Nirav Modi's net worth?

As of 2017, Nirav Modi's net worth was $1.70 billion.

What are Nirav Modi's main sources of wealth?

Nirav Modi's main source of income comes from Diamond Jewelry.

In which industry does Nirav Modi primarily operate?

Nirav Modi is primarily involved in the Fashion & Retail industry.

How old is Nirav Modi?

Nirav Modi is 55 years old.

How many children does Nirav Modi have?

Nirav Modi has 3 children.

Who is Nirav Modi and what is he known for?

Nirav Deepak Modi, born on 27 February 1971, is a Belgian businessman and a fugitive, known for being charged by Interpol and the Government of India for various financial crimes in August 2018, related to a $2 billion fraud case of Punjab National Bank (PNB).

What is Nirav Modi's background and early life?

Nirav Modi was born in Palanpur, Gujarat, and grew up in Antwerp, Belgium, in a family with generations in the diamond business. He moved to Mumbai in 1989 to work in his uncle's business, Mehul Choksi's Gitanjali Group, and attended Wharton School at the University of Pennsylvania before dropping out.

What achievements did Nirav Modi accomplish in his career?

Nirav Modi founded Firestar in 1999, acquired significant companies in the USA, launched the Nirav Modi brand in 2008, and designed notable pieces like the "Golconda Lotus Necklace" and "Riviere of Perfection." He was the first Indian jeweller featured on the covers of Christie's and Sotheby's Catalogues in 2010 and appeared on Forbes list of Indian billionaires in 2013.

What led to Nirav Modi's legal troubles and investigation in 2018?

In 2018, Nirav Modi faced legal issues when the Central Bureau of Investigation (CBI) initiated an investigation based on a PNB complaint, alleging a fraud of ₹28000 Crore (approx. US$4 billion) through fraudulent Letters of Undertaking. This led to his stores closing, his assets being attached by the Enforcement Directorate (ED), and his exclusion from the Forbes billionaires list.

What are the recent developments in Nirav Modi's extradition case?

Recent developments in Nirav Modi's case include his arrest in London in March 2019, with multiple bail requests being rejected. A UK court allowed his extradition to India in February 2021, and following an appeal, the UK high court rejected his extradition appeal in June 2021. The Royal Courts of Justice in London denied permission for an appeal to the UK Supreme Court in December 2022.