Not only banks, Nirav Modi also defrauded individuals with fake diamonds

Nirav Modi sold fake diamonds to Canadian national for $200,000

Nirav Modi's victims are not limited to banks as there are now cases that show he also defrauded individuals of thousands of dollars.

According to a report in the South China Morning Post, Nirav allegedly sold fake diamond rings to a Canadian national for US$200,000. His loss, the victim Paul Alfonso says, is not limited to money as it also cost him his girlfriend and pushed him into depression.

“This affected the relationship between my ex-fiancée and her family. They think that I went out and bought these fake rings and proposed to her,” the publication quoted Alfonso.

As per the report, Alfonso met Modi a few times in 2012 and developed a respect for him. “In a way, I admired him and I looked up to him.”

Unaware of the financial irregularities cases listed against him, Alfonso, in April this year, mailed Modi asking for a ring at a budget of US$100,000 to propose his girlfriend. He was delivered a 3.2-carat round brilliant diamond cut, D colour, VVS1 – a high-quality grade and colourless stone at US $120,000. Later, he again bought a 2.5 carat oval diamond for US$80,000 from Modi. 

Alfonso then used these rings to propose his girlfriend.  

However, despite assurances from Modi, he never received any invoice and authenticity certificates. Feeling "uncomfortable", he took the rings to an appraiser and found that the stones were fake.

This case is not the first of it's kind. In February this year, News18 reported that the diamond czar had sold substandard and fake diamonds to many customers.

Citing a diamond expert, the report said Modi's companies also gave fake certificates of jewellery to win customers' trust.