You are here: Home » Finance » News » Banks
Business Standard

Buyers express strong interest in Nirav Modi's 'bankrupt' Firestar Diamond

The Central Bureau of Investigation has so far arrested at least 13 people - seven from the bank and six more from Modi and Choksi's companies

Reuters  |  New Delhi 

Potential buyers have expressed strong early interest in a bankrupt US firm of jeweller Nirav Modi, who has been accused of involvement in a $2-billion bank fraud in India, court filings in New York show. Firestar Diamond Inc filed for bankruptcy protection on February 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, ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, March 01 2018. 20:56 IST
RECOMMENDED FOR YOU