Nirav Modi is a name that many of us have been seeing on humongous hoardings all around Delhi and for some even outside of India.
I remember how I was surprised when I saw one such hoarding in New York and now with the fraud allegations from PNB for about 1.8 billion dollars or Rs. 11,400 crores, he is definitely someone we want to know more about.
He recently employed previous Facebook India head Krithiga Reddy as an advisor and even opened his latest store in the elite real estate of Madison Avenue, New York, where the rent for his store is almost 1.5 million dollars per year.
In 2013, Mr. Modi featured in the prestigious Forbes list of Indian billionaires and has maintained his position there ever since.
According to an Economic Times report:
“He had already in 2005, bought into Frederick Goldman, his biggest customer in the US, that was then seven times his size. This in turn gave him a direct access to outlets like JC Penny, Sears and even a Walmart.
Two years later, Nirav Modi expanded his US distribution through a majority partnership in Sandberg & Sikorski, a vendor to the US Armed Forces and owners of the 120-year-old luxury bridal jewellery brand, A Jaffe. Till date, his shopping bill is a neat $50 million and with his eyes on the luxury watch market, most expect more.”
Let us take a look at this diamantiare more closely:
It will definitely be something to see how the investigation proceeds and whether or not Modi will face any kind of charges. For the time being, he is not in the country, having left allegedly for Switzerland/New York with his entire family in the first week of January, much before the complaint was filed by PNB with CBI. Interestingly, even his brother and business partner left the country in the first week of January.
Image Credits: Google Images
Sources: The Hindu, Economic Times, Forbes
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