Nirav Modi’s brother charged with committing $2.6M fraud in New York
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree
By PTI| Posted by Mansoor | Published: 20th December 2020 2:03 pm IST
New York: 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 maybe 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.
Nehal Modi, brother of Nirav Modi, lied to procure diamonds on credit and pawned them.
New Delhi:
Nehal Modi, a brother of PNB fraud-accused jeweller Nirav Modi and also wanted by the CBI in the same case, has been charged in the United States with defrauding a company of over $1 million worth in diamonds.
Mr Modi allegedly 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 December 18 statement from the office of the Manhattan District Attorney, Cy Vance Junior. While he did make some payments to LLD towards the diamonds, he used most of the proceeds from their liquidation for personal use, the statement said.
File photo of fugitive diamond merchant Nirav Modi. | IANS
Nehal Modi, the brother of Punjab National Bank scam accused Nirav Modi, has been charged with defrauding a company of over $2.6 million (Rs 19.13 crore) worth in diamonds in the United States.
“As alleged, Modi conned a Manhattan diamond wholesaler into fronting him millions worth of diamonds for a purported deal with Costco that never existed,” said District Attorney Cy Vance, Jr. “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.”
Nehal Modi allegedly made “false representations” to obtain more than $2.6 million worth of gems from LLD Diamonds USA on credit terms and then liquidated them for his own end.
Nirav Modi s Brother Charged With Larceny Of Diamonds, Worth Millions Dec 20, 2020, 17:20 IST
Younger brother of fugitive diamantaire Nirav Modi, Nehal was charged with a $2.6 million fraud case in New York. A New York prosecutor charged him for fraudulently obtaining diamonds from one of the biggest diamond companies of Manhattan.
Manhattan District Attorney Cy Vance, Jr. said that Nehal was charged with First Degree Grand Larceny in a New York Supreme Court.
“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,” added DA Vance.
Nirav Modi s Brother Nehal Charged In $2.6 Million Fraud In New York
According to the indictment, Nehal, a former member of Noble Titan Holdings, made false representations to obtain over USD 2.6 million worth of diamonds from LLD Diamonds USA.
PTI 20 December 2020 Facebook PTI 2020-12-20T12:15:57+05:30 Nirav Modi s Brother Nehal Charged In $2.6 Million Fraud In New York outlookindia.com 2020-12-20T12:33:17+05:30
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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.