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Buyers show interest in Nirav Modi's bankrupt US firm Firestar Diamond

Firestar Diamond and its affiliates had annual sales of around $90 million, with clients such as Costco Wholesale, Macy's and JC Penney Co Inc

Reuters  |  New Delhi 

Potential buyers have expressed strong early interest in a bankrupt U.S. firm of jeweller Nirav Modi, who has been accused of involvement in a $2-billion bank fraud in India, court filings show. Firestar Diamond Inc filed for bankruptcy protection on Feb. 26 in the United States, following accusations that other firms led by Modi and his uncle colluded with officials of state-run Punjab National Bank to secure unauthorised loans between 2011 and 2017. Modi and his uncle Mehul Choksi, owner of Gitanjali Gems Ltd, left India in January before the fraud came to light, but have said ...

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First Published: Thu, March 01 2018. 16:01 IST
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