High-End Indian Diamond Merchant At Center of $1.7 Billion Fraud – IOTW Report

High-End Indian Diamond Merchant At Center of $1.7 Billion Fraud

State run Punjab National Bank (PNB) reported this week that they were missing upwards of $1.7 billion and that diamond seller Nirav Modi and associates were responsible. Details are still sketchy, but it seems Modi was able to convince bank officials to circumvent normal security measures. More

Modi, who last year ranked 85th in Forbes most wealthy, is from a long line of diamond traders and had in recent years made his name in high end jewelry design and sales. More

 

 

 

 

7 Comments on High-End Indian Diamond Merchant At Center of $1.7 Billion Fraud

  1. I travel to India 4+ times a year for work. What you need to know: it is a massive shit hole, with fraud and corruption built into its 1800s era business practices and standards, from cab drivers to the highest government and business officials.

    Also, hands down, the most racist society I’ve seen.

    I can’t remember attending a business meeting in India without a firm preaching how ethical they are by referencing the list of ethics awards they have aquired…it is not only a front but total BS and misdirection.

    Surprisingly only 1.7B went missing before someone cared to notice.

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