{{short description|Indian diamond dealer and Man accused in the PNB bank scam}} {{EngvarB|date=September 2016}} {{Use dmy dates|date=February 2018}} {{Infobox criminal | honorific_prefix = | name = Nirav Modi | native_name = | native_name_lang = | image = | image_upright = | image_size = | alt = | caption = | birth_name = | birth_date = {{birth date and age|1971|2|27|df=y}}<ref name="intpol">{{cite web |title=MODI, NIRAV |url=https://www.interpol.int/notice/search/wanted/2018-14762 |website=Interpol.int |access-date=2 July 2018 |archive-url=https://web.archive.org/web/20180710005839/https://www.interpol.int/notice/search/wanted/2018-14762 |archive-date=10 July 2018 |url-status=dead }}</ref> | birth_place = Palanpur, Gujarat, India | education = | alma_mater = Wharton School (University of Pennsylvania) | years_active = 1989–2018 | organization = Firestar Diamond International, Gitanjali Group, A. Jaffe Inc. | known_for = Diamond business bank fraud, wanted by Interpol<ref>{{cite web|url=https://www.interpol.int/notice/search/wanted/2018-14762|title=Nirav Modi Interpol profile|access-date=2 July 2018|archive-url=https://web.archive.org/web/20180710005839/https://www.interpol.int/notice/search/wanted/2018-14762|archive-date=10 July 2018|url-status=dead}}</ref> | television = | criminal_charge = Criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and misrepresentation | conviction_penalty = | conviction_status = Arrested (in London, 20 March 2019) | spouse = Ami Modi | children = 3 | parents = <!-- (as above) --> | relatives = Mehul Choksi (uncle) <!-- notable people with articles --> | callsign = | website = | allegiance = <!-- Lucchese crime family (only?) --> | motive = | conviction = | trial = <!-- Only use this if the trial is bluelinked, e.g. Mafia Commission Trial --> | trial_start = | trial_end = | reward_amount = | capture_status = | wanted_by = Interpol, The Judicial Authorities of India, Central Bureau of Investigation, Enforcement Directorate, Mumbai Police | wanted_since = August 2018 | time_at_large = | escaped = | escape_end = | comments = | victims = Union Bank of India, Punjab National Bank, Paul Alfonso, Amukurajuddin Bohra | date = | time = | beginyear = | endyear = | places = | states = | locations = Dubai<br />Hong Kong<br />London<br />Singapore | targets = | apprehended = | imprisoned = HM Prison Thameside, UK | module = | signature = | signature_size = | signature_alt = | footnotes = }}
'''Nirav Deepak Modi''' (born 27 February 1971) is an Indian-born Belgian businessman and fugitive who was charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corruption, money laundering, fraud, embezzlement and breach of contract in August 2018.<ref>{{Cite web|url=https://www.interpol.int/notice/search/wanted/2018-14762|title=- INTERPOL|website=interpol.int|language=en-GB|access-date=2018-08-30|archive-url=https://web.archive.org/web/20180710005839/https://www.interpol.int/notice/search/wanted/2018-14762|archive-date=10 July 2018|url-status=dead}}</ref> Modi is being investigated as a part of the $2 billion fraud case<ref>{{cite web|date=27 February 2018|title=PNB fraud put at close to $2.1 billion|url=https://www.indiatoday.in/pti-feed/story/pnb-fraud-put-at-close-to-2-billion-1178463-2018-02-27|access-date=4 March 2018|website=India Today}}</ref><ref>{{cite news|title=Eyes wide shut: the $1.8 billion Indian bank fraud that went unnoticed|work=Reuters|url=https://www.reuters.com/article/us-punjab-natl-bank-fraud-insight/eyes-wide-shut-the-1-8-billion-indian-bank-fraud-that-went-unnoticed-idUSKCN1G20OZ}}</ref> of Punjab National Bank (PNB). In March 2018, Modi applied for bankruptcy protection in Manhattan, New York.<ref>{{cite news|title=India fraud probe drove Nirav modi's jeweler to U.S.Bankruptcy filing|url=https://www.bloomberg.com/news/articles/2018-03-07/india-fraud-probe-drove-modi-s-jeweler-to-u-s-bankruptcy-filing|access-date=9 March 2018|website=bloomberg.com|date=7 March 2018 |publisher=Bloomberg News|ref=8 March 2018}}</ref> In June 2018, Modi was reported to be in the UK applying for political asylum.<ref>{{Cite news|date=2018-06-11|title=Indian jeweller 'seeking asylum' in London|language=en-GB|work=BBC News|url=https://www.bbc.com/news/business-44436258|access-date=2018-06-11}}</ref><ref>{{Cite web|url=https://www.smh.com.au/world/asia/behind-bars-india-s-diamond-king-nirav-modi-s-fall-from-grace-20190423-p51gf4.html|title=Behind bars: India's 'Diamond King' Nirav Modi's fall from grace|first=John|last=Zubrzycki|date=26 April 2019|website=The Sydney Morning Herald}}</ref> In June 2019, Swiss authorities froze a total of US$6 million in Modi's Swiss bank accounts along with the assets.<ref>{{Cite web|title=Swiss authorities seize Nirav Modi, sister Purvi's four bank accounts with assets worth Rs 283 crore|url=https://www.businesstoday.in/current/corporate/pnb-fraud-nirav-modi-purvi-modi-swiss-authorities-freeze-rs-283-crore/story/359376.html|access-date=2019-06-30|website=businesstoday.in|date=27 June 2019 }}</ref><ref>{{Cite web|last=PTI|title=Swiss authorities freeze 4 bank accounts of Nirav Modi, sister Purvi Modi|url=https://www.thehindubusinessline.com/news/swiss-authorities-freeze-4-bank-accounts-of-nirav-modi-sister-purvi-modi/article28171594.ece|access-date=2019-06-30|website=@businessline|date=27 June 2019 |language=en}}</ref><ref>{{Cite web |date=2019-06-28 |title=Four bank accounts of Nirav Modi, family frozen in Switzerland |url=https://indianexpress.com/article/india/four-bank-accounts-of-nirav-modi-family-frozen-in-switzerland-5803849/ |access-date=2024-07-09 |website=The Indian Express |language=en}}</ref>
In December 2022, he lost his final appeal against extradition request by Indian agencies.<ref>{{Cite news |date=2022-12-15 |title=Fugitive Nirav Modi loses bid to appeal against extradition to India in UK Supreme Court |url=https://timesofindia.indiatimes.com/business/india-business/fugitive-nirav-modi-loses-bid-to-take-extradition-fight-to-uk-supreme-court/articleshow/96251067.cms |access-date=2025-04-14 |work=The Times of India |issn=0971-8257}}</ref> All his requests for bail have been rejected, and he is currently lodged in a jail.<ref name=":1">{{Cite news |date=2024-05-08 |title=Nirav Modi has bail refused for 7th time despite having spent 5 years in jail |url=https://timesofindia.indiatimes.com/india/nirav-modi-has-bail-refused-for-7th-time-despite-having-spent-5-years-in-jail/articleshow/109927697.cms |access-date=2025-04-14 |work=The Times of India |issn=0971-8257}}</ref><ref name=":2" /> He is yet to be extradited to India as his request for political asylum is pending with the UK Government.<ref>{{Cite web |last=Bhardwaj |first=Ananya |date=2022-12-15 |title=Nirav Modi exhausts all legal remedies to stay in UK, political asylum now last hope |url=https://theprint.in/world/nirav-modi-exhausts-all-legal-remedies-to-stay-in-uk-political-asylum-now-last-hope/1266692/ |access-date=2025-04-14 |website=ThePrint |language=en-US}}</ref>
== Biography == === Early life=== Nirav Modi was born in Palanpur, Gujarat, and grew up in Antwerp, Belgium. His family has been in the diamond business for several generations.<ref>{{cite web|url=https://www.nationalheraldindia.com/politics/diamantaire-nirav-modi-jeweller-diamond-merchant-famlily-pnb-scam|title=Who is Nirav 'NiMo' Modi?|website=nationalheraldindia.com|access-date=4 March 2018}}{{Dead link|date=April 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{cite web |url=http://sambhaavnews.com/the-diamond-shines-in-front-of-nirav-modi-s-hood/ |title=નીરવ મોદીના છળ સામે હીરાનું તેજ ઝંખવાયું |date=22 February 2018 |website=Sambhaav News |language=gu |access-date=4 March 2018 |archive-url=https://web.archive.org/web/20180228161547/http://sambhaavnews.com/the-diamond-shines-in-front-of-nirav-modi-s-hood/ |archive-date=28 February 2018 |url-status=dead }}</ref> When he was 19, he and his father Deepak Modi moved to Mumbai to work with his maternal uncle, Mehul Choksi. Choksi is the head of Gitanjali Group, a retail jewellery company with 4,000 stores in India.<ref name="auto">{{cite web|url=https://qz.com/1207284/pnb-fraud-diamond-trader-nirav-modi-suspected-of-swindling-1-8-billion-from-punjab-national-bank/|title=The billionaire who allegedly swindled $1.8 billion from an Indian bank|first=Anwesha|last=Ganguly|website=qz.com|date=15 February 2018|access-date=4 March 2018|archive-date=5 March 2018|archive-url=https://web.archive.org/web/20180305063005/https://qz.com/1207284/pnb-fraud-diamond-trader-nirav-modi-suspected-of-swindling-1-8-billion-from-punjab-national-bank/|url-status=dead}}</ref><ref>{{cite news|url=https://www.bbc.co.uk/news/business-43081499|title=Who is billionaire jeweller in fraud probe?|work=BBC News|date=16 February 2018|access-date=4 March 2018}}</ref>
Modi attended the Wharton School at the University of Pennsylvania but eventually dropped out.<ref>{{Cite news|url=https://www.thediamondloupe.com/jewelry/2018-02-12/billionaire-jeweler-nirav-modi-investigated-bank-fraud|title=Billionaire Jeweler Nirav Modi Investigated for Bank Fraud|date=2018-02-12|work=The Diamond Loupe|access-date=2018-08-31|language=en|archive-date=31 August 2018|archive-url=https://web.archive.org/web/20180831211814/https://www.thediamondloupe.com/jewelry/2018-02-12/billionaire-jeweler-nirav-modi-investigated-bank-fraud|url-status=dead}}</ref><ref>{{cite news| url=https://gulfnews.com/news/asia/india/nirav-modi-when-diamonds-are-not-forever-1.2175970| title=Nirav Modi: When diamonds are not forever| date=18 February 2018| author=Nilima Pathak| newspaper=Gulf News| access-date=8 May 2018}}</ref> While studying, he met his future wife, Ami, the daughter of a diamond businessman Amukuraj Choksey.<ref name="auto2">{{Cite news|last=Sen|first=Upala|date=2018-02-18|title=Jewel Thief|language=en|work=The Telegraph|url=https://www.telegraphindia.com/india/jewel-thief-209343|url-status=dead|access-date=2021-05-17|archive-url=https://web.archive.org/web/20180218055046/https://www.telegraphindia.com/india/jewel-thief-209343|archive-date=2018-02-18}}</ref>
=== Career === After returning to India in 1989 and training in all aspects of the diamond trading business, Modi founded Firestar in 1999 (formerly known as Firestone), a diamond sourcing and trading company.<ref>{{cite news|last=Lall|first=Pavan|title=Can Nirav Modi win New York?|url=http://www.niravmodi.com/wp-content/uploads/2015/10/NIRAV_MODI_Article_Fortune_India_Oct_2015.pdf|access-date=7 September 2016|newspaper=Fortune India|date=10 January 2015|archive-url=https://web.archive.org/web/20160920190733/http://www.niravmodi.com/wp-content/uploads/2015/10/NIRAV_MODI_Article_Fortune_India_Oct_2015.pdf|archive-date=20 September 2016|url-status=dead}}</ref> Firestar is the exclusive distributor of Rio Tinto’s Argyle pink diamonds in India.<ref>{{cite web|url=http://www.diamondintelligence.com/magazine/magazine.aspx?id=9160|title=Tacy LTD - ARGYLE PINK DIAMONDS PARTNERS WITH INDIAN JEWELRY MANUFACTURER|website=diamondintelligence.com|access-date=4 March 2018|archive-date=26 February 2018|archive-url=https://web.archive.org/web/20180226211620/http://www.diamondintelligence.com/magazine/magazine.aspx?id=9160|url-status=dead}}</ref>
In 2002, his company started manufacturing jewellery on a contract basis. He acquired Frederick Goldman in 2005, and Sandberg & Sikorski and A.Jaffe in 2007 in the USA.<ref>{{cite web|url=https://www.cnbc.com/2016/06/10/firestar-diamonds-nirav-modi-indias-cutting-edge-jewelry-billionaire.html|title=Nirav Modi became a jewelry-design billionaire, without ever learning to draw |author= Gauri Bhatia, Special to CNBC|date=10 June 2016|website=cnbc.com|access-date=4 March 2018}}</ref>
In 2008, a close friend asked Modi to make a pair of earrings, after which he created the brand.<ref>{{cite news|last=Kaul|first=Anuradha|title=The Bling Maestro|url=http://www.niravmodi.com/wp-content/uploads/2015/04/2015-04-01-Millionaire-Asia.pdf|access-date=8 September 2016|newspaper=Millionaire Asia|date=1 April 2015|archive-date=20 September 2016|archive-url=https://web.archive.org/web/20160920190813/http://www.niravmodi.com/wp-content/uploads/2015/04/2015-04-01-Millionaire-Asia.pdf|url-status=dead}}</ref>{{secondary source needed|date=February 2018}} In 2010, he launched a diamond store bearing his name in New Delhi's Defence Colony, followed by one in Mumbai's Kala Ghoda. 17 other store openings followed across the world.<ref>{{cite web|url=https://asia.nikkei.com/Business/Companies/Nirav-Modi-the-Indian-diamond-man-who-lost-his-sheen|title=Indian diamond mogul Nirav Modi loses sparkle|website=Nikkei Asian Review|access-date=11 June 2018|archive-date=4 May 2018|archive-url=https://web.archive.org/web/20180504101653/https://asia.nikkei.com/Business/Companies/Nirav-Modi-the-Indian-diamond-man-who-lost-his-sheen|url-status=dead}}</ref> Modi launched globally with boutiques in New York City and Hong Kong in 2015, followed by two other boutiques in Hong Kong in 2016<ref>{{cite news|last=Saini|first=Mayu|date=22 September 2015|title=Indian Jeweler Nirav Modi Opens New York, Hong Kong Stores|newspaper=WWD|publisher=Fairchild Publishing, LLC|url=http://wwd.com/accessories-news/jewelry/indian-jeweler-nirav-modi-opens-new-york-hong-kong-stores-10236776/|url-access=subscription|access-date=8 September 2016}}</ref> and one in MGM Macau in 2016.<ref>{{cite news|last=Daswani|first=Kavita|date=19 September 2016|title=Nirav Modi: the diamond master opens his first boutique in Macau|newspaper=South China Morning Post|url=https://www.scmp.com/destination-macau/article/2020564/nirav-modi-diamond-master-opens-his-first-boutique-macau|access-date=18 November 2016}}</ref>
He became well known after he designed his "Golconda Lotus Necklace" with an old, 12-carat, pear-shaped diamond as a centerpiece in 2010. The diamond had been previously sold in the 1960s; Modi repolished it.<ref>{{cite web|url=http://www.thejewelleryeditor.com/jewellery/article/an-interview-with-nirav-modi-diamond-collector-and-creator-of-exceptional-indian-jewels/|title=An interview with Nirav Modi: diamond collector and creator of exceptional Indian jewels|date=4 June 2013|website=thejewelleryeditor.com|access-date=4 March 2018|archive-date=26 February 2018|archive-url=https://web.archive.org/web/20180226151959/http://www.thejewelleryeditor.com/jewellery/article/an-interview-with-nirav-modi-diamond-collector-and-creator-of-exceptional-indian-jewels/|url-status=dead}}</ref> The necklace featured a lattice of white and pink diamonds. It was included on the cover of Christie’s catalogue in Hong Kong and was auctioned for US$3.6 million in 2010.<ref>{{cite news|last=Liu|first=Ming|title=Asian jewellery designers harbour global ambitions |newspaper= Financial Times |date= 30 September 2014 |url=https://www.ft.com/content/e1b2bb2c-0778-11e4-b1b0-00144feab7de|access-date= 8 September 2016}}</ref><ref>{{cite web|title=Jewels: The Hong Kong Sale | date= 29 November 2010 |url=http://www.christies.com/LotFinder/lot_details.aspx?from=salesummary&pos=1&intObjectID=5370899&sid=006838cd-1405-4d66-bdd9-16449a0e2c50 |archive-url=https://web.archive.org/web/20160918015219/http://www.christies.com/LotFinder/lot_details.aspx?from=salesummary&pos=1&intObjectID=5370899&sid=006838cd-1405-4d66-bdd9-16449a0e2c50 |archive-date=18 September 2016 |url-status=live |df=dmy}}</ref>
In 2012, another Modi necklace, the Riviere of Perfection, was sold at Sotheby’s Hong Kong auction. This necklace featured 36 flawless white diamonds and weighed a total of 88.88 carats.<ref>{{cite news|last=Rathore|first=Vijaya|title=Nirav Modi's Rs 50 cr diamond necklace to be the star of Sotheby's auction|url=http://articles.economictimes.indiatimes.com/2014-01-24/news/46562983_1_nirav-modi-sotheby-amin-jaffer|archive-url=https://web.archive.org/web/20140126173811/http://articles.economictimes.indiatimes.com/2014-01-24/news/46562983_1_nirav-modi-sotheby-amin-jaffer|url-status=dead|archive-date=26 January 2014|access-date= 6 September 2016|newspaper= Economic Times|date= 24 January 2014}}</ref><ref>{{cite web|title=Superb Diamond Necklace |date= 20 June 2012 |publisher=Sothebys |url=http://www.sothebys.com/en/auctions/ecatalogue/2012/jewels-and-jadeite-hk0400/lot.1890.html|access-date= 6 September 2016 }}</ref>
==Dealings with Union Bank of India== The Union Bank of India sued Modi in a Hong Kong court. Union Bank claimed in a writ filed at the High Court on 26 September 2018 that Modi guaranteed two loans made to Firestone Trading Private and Firestar Diamond in 2011. The bank demanded that he pay more than $5.49 million plus interest after both firms allegedly defaulted on repayments.<ref>{{cite web|title=Union Bank sues Nirav Modi in Hong Kong court: Report |date= 27 September 2018 |publisher=IANS India Private Limited |url=https://in.news.yahoo.com/union-bank-sues-nirav-modi-hong-kong-court-163004671.html|access-date= 28 September 2018 }}</ref>
==2018 Investigation and Lawsuits (PNB fraud case)== {{further|Punjab National Bank Scam}}
=== Complaint from Punjab National Bank === In February 2018, the Indian government's Central Bureau of Investigation (CBI) launched an investigation of Modi, acting on a complaint from the Punjab National Bank. The complaint alleged that Modi and his partners defrauded the bank of ₹28000 Crore (approximately US$4 billion) by conspiring with bank officials to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers.<ref>{{Cite news |date=5 February 2018 |title=Indian billionaire jeweller investigated over bank fraud |url=https://www.reuters.com/article/idUSKBN1FP24T/ |access-date=6 February 2018 |work=Reuters |language=}}</ref> While ₹28000 Crore is the fraud that has been alleged to date, the potential loss to Punjab National Bank is reported to be up to ₹11000 Crore. The Enforcement Directorate (ED) is also investigating the fraud case that the CBI registered against him.<ref>{{cite web|title=Enforcement Directorate files money laundering case against billionaire jeweller Nirav Modi|url=https://scroll.in/latest/868775/enforcement-directorate-files-money-laundering-case-against-billionaire-jeweller-nirav-modi|website=Scroll.in|access-date=15 February 2018|date=15 February 2018|archive-date=1 May 2018|archive-url=https://web.archive.org/web/20180501022030/https://scroll.in/latest/868775/enforcement-directorate-files-money-laundering-case-against-billionaire-jeweller-nirav-modi|url-status=dead}}</ref>
Modi responded to the bank on 15/16 February 2018, stating that "In the anxiety to recover your dues immediately, despite my offer (on 13 February, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts".<ref>{{cite web |date=20 February 2018 |title=Nirav Modi's letter to PNB: Your actions destroyed my brand, closed all options to recover dues |url=http://indianexpress.com/article/india/nirav-modi-writes-letter-pnb-closed-all-options-to-recover-dues-by-going-public-pnb-fraud-scam-5070868/ |access-date=5 July 2018}}</ref> Modi estimated his domestic business at around Rs 6,500 Crore, and said "this could have helped reduce/discharge the debt to the banking system," but claimed that this was currently impossible as all his bank accounts had been frozen and assets had been seized.<ref>{{cite web |title='I urge you to be fair': Read Nirav Modi's full letter to Punjab National Bank |url=https://www.indiatoday.in/india/story/-i-urge-you-to-be-fair-read-nirav-modi-s-full-letter-to-punjab-national-bank-1173440-2018-02-20 |access-date=5 July 2018 |website=India Today |date=20 February 2018 }}</ref>
=== Arrest and Extradition Case === In April 2018, Indian authorities alleged that Modi had found safe haven in Hong Kong and formally requested his arrest.<ref>{{Cite news |title=India wants fugitive billionaire Nirav Modi arrested in Hong Kong |url=https://www.scmp.com/news/hong-kong/article/2140662/india-wants-fugitive-billionaire-nirav-modi-arrested-hong-kong |access-date=2018-06-11 |work=South China Morning Post |language=en}}</ref> However, a few months later, he applied for asylum in the UK, claiming he was a victim of "political persecution" and denying any wrongdoing.<ref>{{Cite news |author= |date=10 June 2018 |title=Billionaire jeweller Nirav Modi flees to UK, claiming political asylum - FT |url=https://www.reuters.com/article/us-britain-india-nirav-modi/indian-billionaire-jeweler-nirav-modi-flees-to-uk-claiming-political-asylum-ft-idUSKBN1J610T |access-date=11 June 2018 |work= |language=}}</ref><ref>{{Cite news |title=Billionaire jeweller Nirav Modi flees to UK, claiming political asylum: Report - Times of India |url=https://timesofindia.indiatimes.com/india/billionaire-jeweller-nirav-modi-flees-to-uk-claiming-political-asylum-report/articleshow/64534932.cms |access-date=2018-06-11 |work=The Times of India}}</ref><ref>{{Cite news |date=10 June 2018 |title=Indian celebrity jeweller flees to UK claiming political asylum |url=https://www.ft.com/content/8dc791c0-6b03-11e8-8cf3-0c230fa67aec |access-date=2018-06-11 |website=Financial Times |language=en-GB}}</ref> In March 2019, ''The Telegraph'' reported that he was living in an £8 million apartment in London, and Indian authorities requested his extradition from the UK.<ref>{{cite news |last1=Mendick |first1=Robert |last2=Sawer |first2=Patrick |last3=Brown |first3=Mick |last4=Ray |first4=Saptarshi |date=9 March 2019 |title=Home Secretary agrees to extradition of Indian diamond tycoon found living in London |url=https://www.telegraph.co.uk/news/2019/03/09/india-wants-extradition-diamond-tycoon-found-living-london |access-date=9 March 2019 |newspaper=The Telegraph}}</ref> On 20 March 2019, he was arrested in London after a warrant was issued against him.<ref>{{cite web |title=Nirav Modi arrested in London, to appear in UK court shortly |url=https://www.moneycontrol.com/news/business/nirav-modi-arrested-in-london-to-appear-at-uk-court-shortly-3673091.html |website=Moneycontrol}}</ref><ref>{{cite news |date=20 March 2019 |title=Billionaire celebrity jeweller held in UK |url=https://www.bbc.com/news/world-asia-india-47621519 |work=BBC News}}</ref> Modi applied for bail in the UK High Court on 3 May, a day after his remand was extended. All his requests for bail have been rejected as of May 2024.<ref name=":1" /><ref name=":2">{{cite web |date=5 June 2019 |title=Govt re-auctions 7 luxury cars of Nirav Modi, sale of 5 fetch Rs 2.9 crore |url=https://in.news.yahoo.com/govt-auctions-7-luxury-cars-080740190.html}}</ref>
On 25 February 2021, a UK court allowed the Indian government's request to have Modi extradited to India as a key defendant in the PNB fraud case.<ref>{{Cite news |last=Shirbon |first=Estelle |date=2021-02-25 |title=UK court allows extradition of diamond billionaire Nirav Modi to India |url=https://www.reuters.com/article/britain-india-modi-extradition-idUSKBN2AP1SS |access-date=2021-05-17 |work=Reuters |language=en}}</ref> The UK Home Secretary signed the extradition order on 15 April.<ref>{{Cite web |last=Canton |first=Naomi |date=2021-04-17 |title=UK home secretary Priti Patel orders extradition of Nirav Modi to India - Times of India |url=https://timesofindia.indiatimes.com/world/uk/uk-home-secretary-priti-patel-orders-extradition-of-nirav-modi-to-india/articleshow/82108358.cms |access-date=2021-05-17 |website=The Times of India |language=en}}</ref> Modi then had 14 days to appeal the decision to the UK High Court, which he did on 1 May, claiming he would not get a fair trial in India.<ref name=":0">{{Cite web |last=Pandey |first=Munish Chandra |date=2021-05-01 |title=Nirav Modi appeals against extradition to India before UK High Court |url=https://www.indiatoday.in/india/story/nirav-modi-appeals-against-extradition-india-in-uk-high-court-1796942-2021-05-01 |access-date=2021-05-17 |website=India Today |language=en}}</ref> During the appeal, Modi remained imprisoned at Wandsworth Prison in south-west London.<ref name=":0" /> On 23 June 2021, a UK high court rejected Modi's application to appeal his extradition to India.<ref>{{Cite web |date=23 June 2021 |title=UK court refuses Nirav Modi's application to appeal against extradition to India |url=https://timesofindia.indiatimes.com/business/india-business/uk-court-refuses-nirav-modis-application-to-appeal-against-extradition-to-india/articleshow/83776136.cms?from=mdr |access-date=28 June 2021 |website=The Times of India |language=en}}</ref>
In December 2022, the Royal Courts of Justice in London refused permission for Nirav Modi to appeal his extradition to the UK Supreme Court and ordered him to pay legal fees of £150,247.<ref>{{Cite news |date=December 15, 2022 |title=Fugitive Nirav Modi loses bid to appeal against extradition |url=https://timesofindia.indiatimes.com/business/india-business/fugitive-nirav-modi-loses-bid-to-take-extradition-fight-to-uk-supreme-court/articleshow/96251067.cms |access-date=January 10, 2023 |work=The Times of India}}</ref>
=== Impact of the Case on Modi's finances and business === Initially, a few of Modi's stores remained open for business, including his store at Marina Bay Sands in Singapore;<ref>{{cite web|url=https://www.connectedtoindia.com/business-as-usual-at-nirav-modis-singapore-store-3650.html|title=Business as usual at Nirav Modi's Singapore store|website=connectedtoindia.com|date=17 February 2018 |access-date=4 March 2018}}</ref> however these have gradually all closed.<ref>{{cite web|url=https://www.marinabaysands.com/shopping/nirav-modi.html|title=Nirav Modi at The Shoppes|website=marinabaysands.com|access-date=5 July 2018}}</ref> On 7 March 2018, Modi's firm Firestar Diamond Inc. applied for bankruptcy protection at a Manhattan bankruptcy court, in order to protect its assets in the United States and their revolving credit facility with Israel Discount Bank.<ref>{{cite web|title=Firestar diamond inc. Case number 18-10509|url=http://www.firstpost.com/india/pnb-scam-us-bankruptcy-court-stops-creditors-from-collecting-debts-from-nirav-modis-firestar-diamond-firm-4373215.html|website=firstpost.com|date=2 March 2018|publisher=U.S.Bankruptcy court, Southern district of New York (Manhattan)|access-date=9 March 2018}}</ref> His company, A.JAFFE, acquired through his Synergies Corporation, was auctioned in May 2018 and was purchased by Parag Diamond.<ref>{{cite web |title=Parag Diamond is the winning bidder of Nirav Modi's company A Jaffe |url=http://www.diamondworld.net/contentview.aspx?item=16348 |access-date=5 July 2018}}</ref> With the collapse of his brand, Modi's fortune has collapsed.<ref>{{cite web |last=Cam |first=Deniz |title=Indian Jeweler Nirav Modi's Fortune Up In Smoke Amid Bank Fraud Allegations |url=https://www.forbes.com/sites/denizcam/2018/03/09/indian-jeweler-nirav-modis-fortune-up-in-smoke-amid-bank-fraud-allegations/#45338e5a15c4 |access-date=5 July 2018 |website=Forbes}}</ref> Forbes removed him from their annual billionaires list, and on 9 March 2018, estimated his current wealth to be less than $100 million.<ref>{{Cite web |last=Çam |first=Deniz |date=2018-03-09 |title=Indian Jeweler Nirav Modi's Fortune Up In Smoke Amid Bank Fraud Allegations |url=https://www.forbes.com/sites/denizcam/2018/03/09/indian-jeweler-nirav-modis-fortune-up-in-smoke-amid-bank-fraud-allegations/ |access-date=2021-05-17 |website=Forbes India |language=en}}</ref>
Modi's properties in India, including jewellery, paintings, and real estate, worth about Rs 523 crore (about $75 million) have been seized by the Enforcement Directorate (ED).<ref>{{Cite news |date=Feb 24, 2018 |title=₹ 523 Crore In Nirav Modi Assets, Including Luxury Penthouse, Seized |url=https://www.ndtv.com/india-news/rs-523-crore-in-nirav-modi-assets-including-luxury-penthouse-seized-1816706 |access-date=May 11, 2024 |work=NDTV}}</ref> Previously, Modi had bought a Rs 900 crore sea-facing property in Mumbai's coveted Samudra Mahal properties with his wife Ami Modi.<ref>{{Cite news |last=Menon |first=Rashmi |date=2018-03-15 |title=Nirav Modi bought a Rs 900 crore sea-facing property in Mumbai's coveted Samudra Mahal |url=https://economictimes.indiatimes.com/magazines/panache/nirav-modi-bought-a-rs-900-crore-sea-facing-property-in-mumbais-coveted-samudra-mahal/articleshow/63309674.cms |access-date=2018-03-15 |work=The Economic Times}}</ref>
The ED has also seized four wind power plants, owned by Modi, in Rajasthan with a total capacity of 9.6 megawatt (MW). The plants earn up to Rs 5 crore a year due to a share purchase agreement with Rajasthan's state electricity board. These wind power plants have been operational since 2014. In March 2018, the ED seized a 5.24 MW solar power plant spread over 135 acres in Karjat in Ahmednagar district worth Rs 60 crore. In May 2018, the CBI and the ED had registered two FIRs each to probe the case.<ref>{{cite web|url=https://in.yahoo.com/finance/news/pnb-fraud-case-ed-attaches-103550687.html|title=PNB fraud case: ED attaches 4 wind power plants owned by Nirav Modi in Rajasthan|date=30 May 2018|website=yahoo.com/|access-date=30 May 2018}}</ref>
In March 2019, 68 works from Modi's art collection, were sold on behalf of India's income tax department.<ref>{{cite news |date=26 March 2019 |title=Arrested billionaire's art fetches $8m |url=https://www.bbc.com/news/world-asia-india-47702475 |work=BBC News}}</ref> The artwork was sold for £5.3m including a Vasudeo S. Gaitonde painting that sold for £2.6m.<ref>{{Cite web |date=10 August 2021 |title=Jailed diamond dealer and art collector Nirav Modi fights extradition to India on mental health grounds |url=https://www.theartnewspaper.com/2021/08/10/jailed-diamond-dealer-and-art-collector-nirav-modi-fights-extradition-to-india-on-mental-health-grounds |website=The Art Newspaper - International art news and events}}</ref> The iconic music store Rhythm House, at Kala Ghoda, Mumbai, whose auction was planned after its value was determined,<ref>{{Cite web |date=22 December 2021 |title=ED starts detaching assets of companies owned by Nirav Modi; to auction Mumbai's Rhythm House |url=https://www.deccanherald.com/business/business-news/ed-starts-detaching-assets-of-companies-owned-by-nirav-modi-to-auction-mumbai-s-rhythm-house-1063703.html |website=Deccan Herald}}</ref> was bought by Modi in 2017.<ref>{{Cite web |last=Krishna |first=Ujjvala |date=13 September 2020 |title=Things you did not know about Rhythm House, Mumbai |url=https://www.re-thinkingthefuture.com/rtf-design-inspiration/a1738-10-things-you-did-not-know-about-rhythm-house-mumbai/}}</ref>
On 8 June 2020, the Prevention of Money Laundering Act (PMLA) Court ordered the confiscation of nearly Rs 1,400 crores worth of his property.<ref>{{Cite news |last1=Lall |first1=Pavan |last2=Choudhary |first2=Shrimi |date=9 June 2020 |title=PMLA court orders seizure of Nirav Modi's assets worth Rs 1,400 crore |url=https://www.business-standard.com/article/current-affairs/pmla-court-orders-seizure-of-nirav-modi-s-assets-worth-rs-1-400-crore-120060801594_1.html |url-status=live |archive-url=https://web.archive.org/web/20230821022102/https://www.business-standard.com/article/current-affairs/pmla-court-orders-seizure-of-nirav-modi-s-assets-worth-rs-1-400-crore-120060801594_1.html |archive-date=21 August 2023 |access-date=11 May 2024 |work=Business Standard}}</ref>
The October 2021 Pandora Papers showed that his sister, Purvi Modi, set up an offshore firm just one month before Nirav fled India.<ref>{{Cite news |last=Narayan |first=Khushboo |date=6 October 2021 |title=Pandora Papers: Before Nirav Modi fled, sister founded offshore firm to act as trust protector |url=https://indianexpress.com/article/express-exclusive/pandora-papers-nirav-modi-fugitive-diamond-jeweller-7550224 |access-date=6 October 2021 |work=Indian Express |language=English}}</ref>
As a result of the fraud case, the Reserve Bank of India has stopped issuing Letters of Undertaking (LoU) and Letters of Comfort (LoC) for imports, which has limited the financial flexibility of importers.<ref>{{cite web |title=LoU ban to impact financial flexibility of importers: Ind-Ra |url=http://www.diamondworld.net/contentview.aspx?item=16232 |archive-url=https://web.archive.org/web/20210927193853/https://www.diamondworld.net/contentview.aspx?item=16232 |archive-date=27 September 2021 |access-date=5 July 2018 |website=Diamond World}}</ref><ref>{{Cite news |last=RAGHAVAN |first=T.C.A. SHARAD |date=6 August 2018 |title=RBI must resume issuing LoUs, LoCs, says parliamentary panel |url=https://www.thehindu.com/business/Industry/rbi-must-resume-issuing-lous-locs/article24617751.ece |url-status=live |archive-url=https://web.archive.org/web/20240511100126/https://www.thehindu.com/business/Industry/rbi-must-resume-issuing-lous-locs/article24617751.ece |archive-date=11 May 2024 |access-date=11 May 2024 |work=The Hindu}}</ref>
In December 2024, the Finance Minister of India - Nirmala Sitaram claimed that the Enforcement Directorate recovered ₹1,052 crore from Nirav Modi's assets and returned the money to banks.<ref>{{Cite web |title=15,000 Crore Of Vijay Mallya, Nirav Modi's Assets Restored To Banks: Centre |url=https://www.ndtv.com/india-news/vijay-mallya-nirav-modi-mehul-choksi-15-000-crore-of-vijay-mallya-nirav-modis-assets-restored-to-banks-centre-7276322 |access-date=2024-12-20 |website=NDTV.com}}</ref><ref>{{Cite news |date=2024-12-18 |title=ED restored assets worth nearly Rs 18,000 crore from Vijay Mallya, Nirav Modi & Mehul Choksi: FM Sitharaman |url=https://economictimes.indiatimes.com/news/india/ed-restored-assets-worth-nearly-rs-18000-crore-from-vijay-mallya-nirav-modi-mehul-choksi-fm-sitharaman/articleshow/116429588.cms?from=mdr |access-date=2024-12-20 |work=The Economic Times |issn=0013-0389}}</ref>
It is believed that he was overextended for several years and used new LoUs to pay for the past ones for about seven years.{{Weasel inline|date=January 2022}} One of his employees has stated that, "He wanted to grow his business, and to do in five years what might otherwise have taken 20 years." He claimed that "If he’d gone public, maybe he could have pledged his equity, raised some money, and finally paid the bank back. Perhaps he would have done that."<ref>{{cite news|url=https://www.bloomberg.com/news/features/2018-06-28/did-this-jeweler-to-the-stars-commit-the-biggest-bank-fraud-in-india-s-history|title=Did This Jeweler to the Stars Commit the Biggest Bank Fraud in India's History?|newspaper=Bloomberg.com |date=28 June 2018 |access-date=5 July 2018}}</ref>
===2025 Developments in Extradition Proceedings===
In October 2025, the Government of India assured the United Kingdom that Nirav Modi would not be questioned in connection with the US$2 billion Punjab National Bank (PNB) fraud case if extradited. The assurance, submitted through the UK’s Crown Prosecution Service, was aimed at expediting his extradition process. According to the agreement, Modi would be lodged in Arthur Road Jail, Mumbai, upon arrival in India.<ref>{{cite web |date=4 October 2025 |title=No questioning in $2 billion PNB scam: India assures UK on Nirav Modi’s extradition |url=https://www.indiatoday.in/india/story/no-questioning-2-billion-pnb-scam-india-assures-uk-nirav-modi-extradition-2797618-2025-10-04 |access-date=6 October 2025 |website=India Today}}</ref><ref>{{Cite news |date=2025-10-04 |title=Extradition case: Nirav Modi will only face trial, no interrogation, India tells UK; hearing on Nov 23 |url=https://timesofindia.indiatimes.com/business/india-business/extradition-case-nirav-modi-will-only-face-trial-no-interrogation-india-tells-uk-hearing-on-nov-23/articleshow/124304908.cms |access-date=2025-10-06 |work=The Times of India |issn=0971-8257}}</ref>
==Achievements and recognition== * 2010: 1st Indian jeweller to be featured on the covers of Christie's and Sotheby’s Catalogues.<ref>{{cite news|last=Sharma|first=Purinma|title=On the rocks|url=http://www.timescrest.com/life/on-the-rocks-9846|archive-url=https://web.archive.org/web/20130508001656/http://www.timescrest.com/life/on-the-rocks-9846|url-status=dead|archive-date=8 May 2013|access-date=7 September 2016|newspaper=The Times Of India|date=23 February 2013|df=dmy-all}}</ref><ref>{{cite news|last=Newman|first=Jill|title=Kid rock|url=https://robbreport.com/style/jewelry/kid-rock-228370/|access-date= 6 September 2016|newspaper= Robb Report|date= 1 September 2015}}</ref> * 2013: Featured on the Forbes list of Indian billionaires.<ref>{{Cite web|title=Nirav Modi - Forbes India Magazine|url=https://www.forbesindia.com/richprofile/nirav-modi/1433/128|access-date=2021-05-17|website=Forbes India|language=en}}</ref> * Patents: Jasmine cut diamond, United States Design Patent USD763118S1,<ref>{{Cite web|url=https://patentimages.storage.googleapis.com/6a/5c/6d/2cb76364feeafc/USD763118.pdf|title=JASMINE CUT DIAMOND, United States Design Patent USD763118S1}}</ref> JEWELRY DESIGN, United States Design Patent US D738,777 S.<ref>{{Cite web|url=https://patentimages.storage.googleapis.com/3b/8b/ff/1507cfbf0ea86f/USD738777.pdf|title=JEWELRY DESIGN USD738777}}</ref>
==Personal life== Nirav Modi is married to Ami Modi.<ref name="Forbes profile">{{cite web|title=Interpol profile: Nirav Modi|url=https://www.interpol.int/notice/search/wanted/2018-14762|access-date=2 July 2018|archive-url=https://web.archive.org/web/20180710005839/https://www.interpol.int/notice/search/wanted/2018-14762|archive-date=10 July 2018|url-status=dead}}</ref><ref name="auto1">{{cite web|url=https://heavy.com/news/2018/02/nirav-modi-wife-ami/|title=Ami Modi, Nirav's Wife: 5 Fast Facts You Need to Know|first=Paul|last=Farrell|date=16 February 2018|website=heavy.com|access-date=4 March 2018}}</ref> They met when both were students at the Wharton School of the University of Pennsylvania, although Nirav Modi left Wharton after a year to return to the diamond business.<ref name="ndtv.com">{{cite web|url=https://www.ndtv.com/people/10-facts-about-nirav-modi-the-man-at-the-centre-of-pnb-fraud-1813056|title=10 Facts About Nirav Modi, The Man At The Centre Of PNB Fraud|website=ndtv.com|access-date=4 March 2018}}</ref><ref name="auto1"/>
Ami Modi is a US citizen by birth.<ref>{{cite web|url=https://mantavyanews.com/look-at-the-luxury-life-of-nirav-modis-wife-ami-modi/|title=જુઓ આવો છે કૌભાંડી નિરવ મોદીની પત્ની અમી મોદીનો વૈભવી ઠાઠ|date=17 February 2018|access-date=5 July 2018}}</ref> She ran the "Nirav Modi Scholarship for Excellence", which supported 250 students every year.<ref name="auto1" /> Ami and Nirav Modi have three children - two daughters and one son. They have attempted to raise their children conservatively and only use Gujarati in their home.<ref name="auto1" />
== In popular culture ==
* Bad Boy Billionaires: India - 2020 Netflix original documentary anthology webseries<ref>{{Citation |title=Bad Boy Billionaires: India |date=2020-09-02 |type=Documentary, Biography, Crime |url=https://www.imdb.com/title/tt12923630/ |access-date=2025-04-07 |others=Nisha JamVwal, Aayush Ailawadi}}</ref>
==References== {{Reflist|30em}}
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{{DEFAULTSORT:Modi, Nirav}} Category:1971 births Category:21st-century Indian criminals Category:Living people Category:Corporate crime Category:Fugitives wanted by India Category:Indian jewellery designers Category:Indian people convicted of money laundering Category:Indian fraudsters Category:Gujarati people Category:Belgian people of Indian descent Category:Businesspeople from Gujarat Category:People named in the Pandora Papers Category:People from Gujarat Category:People convicted of making false statements Category:Gujarati businesspeople