Nirav Modi’s Brother Charged With $1 Million Diamond Fraud In US
New Delhi: Nehal Modi, a brother of fugitive diamantaire Nirav Modi, has been charged in the US for defrauding a company of over $1 million worth of diamonds.
Incidentally, Nehal and his brother are wanted by the CBI for their complicity in the Punjab National Bank fraud case.
In the new case, the Manhattan District Attorney’s office said Nehal made “false representations” to obtain more than $1 million worth of the precious stones from LLD Diamonds USA on favourable credit terms and consignment, and then liquidated them for his own ends.
“While diamonds may be forever, this flawed scheme was not, and now Neval Modi will face the clarity of a New York Supreme Court indictment,” the DA’s office said in a statement, NDTV reported.