Nehal Modi, the brother of fugitive jewellery merchant Nirav Modi, has been charged by a New York prosecutor in an alleged $2.6 million fraud carried out through a multilayered scheme to cheat one of the world s biggest diamond companies. Announcing the charges against Nehal Modi on Friday, the prosecutor, Cy Vance, said, While diamonds maybe forever, this flawed scheme was not, and now Mr Modi will face the clarity of a New York Supreme Court indictment. Modi was charged in the state supreme court with grand larceny in the first degree for allegedly fraudulently obtaining over $2.6 million worth of diamonds from a diamond wholesale company located in Manhattan, said Vance, who is the prosecutor for the city s Manhattan district.
Nirav Modi s Brother Charged in New York for Fraud Worth $1 Million in Diamonds: Report
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Nehal Modi, brother of PNB fraud-accused jeweller Nirav Modi and wanted by the CBI in the case, has been charged in the US for fraud case worth 1 million dollars in diamonds.
Nehal Modi made ‘false representations’ to obtain more than $2.6 million worth of the gems from LLD Diamonds USA on favorable credit terms and consignment, and then liquidated them for his own ends, according to a statement from office of the Manhattan District Attorney.
“As alleged, Mr Modi conned a Manhattan diamond wholesaler into fronting him millions worth of diamonds for a purported deal with Costco that never existed. While diamonds may be forever, this flawed scheme was not, and now Mr Modi will face the clarity of a New York Supreme Court indictment,” Manhattan District Attorney Cy Vance was quoted in the statement.
Nirav Modi s Brother Nehal Modi Charged With Committing $2 5 Million Fraud In The US indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Nirav Modi s brother Nehal indicted for diamond fraud worth $2.6 million in New York According to the evidence presented, between March and August 2015, Nehal, a former member of Noble Titan Holdings, made false representations to obtain over $2.6 million worth of diamonds from LLD Diamonds USA (edited) File photo of fugitive diamond merchant Nirav Modi. Facebook image
New York: Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been indicted here for fraudulently obtaining diamonds worth over $2.6 million from one of the world s biggest diamond companies in Manhattan.
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance, Jr. said.
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been indicted here for fraudulently obtaining diamonds worth over USD 2.6 million from one of the world s biggest diamond companies in Manhattan.
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance, Jr. said. While diamonds may be forever, this flawed scheme was not, and now Modi will face the clarity of a New York Supreme Court indictment. My Office will not allow individuals who have the privilege of soliciting business in Manhattan s iconic diamond industry to defraud our businesses or consumers, Vance said in a statement on Friday.