Skip to content 
Search

Latest Stories

Bank loans: Raids on jeweller Nirav Modi's home and shops

INVESTIGATORS in India today (15) raided the premises of a billionaire jeweller accused of defrauding one of the country's biggest banks amid reports he and his family have left the country.

Enforcement Directorate (ED) officers searched the Mumbai offices of Nirav Modi after he was accused of cheating state-owned Punjab National Bank (PNB) of Rs 2.8 billion ($43.8 million).


Footage broadcast on Indian television news channels showed officers entering one of Modi's jewellery showrooms in Mumbai.

Investigators searched four locations in Mumbai, including Modi's home, as well as stores in New Delhi and Surat, India's diamond trading hub, according to an ED directive being shared by journalists on WhatsApp.

A spokesman for the ED refused to comment.

Modi is one of India's richest men. He is worth $1.73 billion according to Forbes, placing him 85th on India's rich list.

The 47-year-old is the founder of jewellery giant Firestar Diamond. His high-end Nirav Modi brand has stores in several of the world's major cities.

Today’s raids came a day after the ED registered a money laundering case against Modi and a few others, including members of his family, a business associate and two employees of PNB.

It followed PNB's complaint last month to India's Central Bureau of Investigation (CBI) that it had been defrauded of Rs 2.8 billion.

The bank, India's second-largest state-owned lender, announced yesterday (14) that it had also detected fraud of almost $1.8 billion at a single branch in Mumbai, sending its shares plummeting.

It made fresh allegations against Modi to the CBI.

The news agency, citing officials, reported on Thursday that Modi and his family had left India in early January, before the bank detected either of the two fraud cases.

It reported that Modi and his brother left on January 1. The officials added that Modi's wife and Mehul Choksi, his uncle and business partner, left on January 6. All are being investigated by the CBI.

In late January, shortly before the fraud allegations were made, Modi was photographed alongside India’s prime minister Narendra Modi at the World Economic Forum in Davos. The two are not related.

Cabinet minister Ravi Shankar Prasad said Nirav Modi was not part of the prime minister's delegation at the global gathering in Switzerland.

"He went to Davos on his own. He joined a photograph of Indian businessmen. In no way does it show any connection," Prasad told reporters.

Modi, the third generation of his family to go into the diamond trade, has not commented on the allegations. Firestar Diamond has previously said the earlier case was not connected to the company.

The trouble comes as India's government is trying to reduce the crippling debts of the country's embattled lenders, including PNB.

It recently announced a $32-billion recapitalisation plan for state-owned banks to help them clean up their books.

PNB shares closed down almost 12 per cent today.

(AFP)

More For You

bella thorne Charlie Puth

Bella Thorne says Charlie Puth launched a hate train after she refused to sleep with him

Getty Images

Bella Thorne says Charlie Puth launched a hate train after she refused to sleep with him

Highlights:

  • Bella Thorne accuses Charlie Puth of sparking a ‘hate train’ after she turned him down.
  • She claims he publicly misled fans about their brief romance in 2016.
  • Puth had previously implied she cheated on her ex Tyler Posey with him.
  • Thorne is now engaged to Mark Emms; Puth married Brooke Sansone in 2024.

Actor Bella Thorne has reignited a years-old controversy with singer Charlie Puth, accusing him of turning public opinion against her in 2016 after she refused to sleep with him. The former Disney star made the claims in an Instagram comment responding to singer Jade Thirlwall’s recent remarks about never wanting to work with Puth.

 bella thorne Charlie Puth Actress Bella Thorne and Charlie Puth attend the Y100's Jingle Ball 2016Getty Images

Keep ReadingShow less
Manisha Koirala

An Audience with Manisha Koirala

Manisha Koirala: Courage, Cinema, Community

This July, the iconic Shaw Theatre in London will host an afternoon of inspiration, culture and connection as Bollywood star and cancer survivor Manisha Koirala takes the stage for a very special event. ‘An Audience with Manisha Koirala’, taking place on Sunday 13 July from 12.30 to 4.00pm, promises to be an unforgettable afternoon celebrating not only a glittering film career but also an extraordinary story of survival and strength.

Organised by Ovacome, the UK’s ovarian cancer support charity, this one-of-a-kind event offers fans and supporters the rare chance to see Manisha in person and hear her story in her own words. Interviewed by Dr Amir Khan, NHS GP and TV personality, and Fatima Patel, Managing Editor of Asian Standard, Manisha will reflect on her journey through the highs of stardom, her battle with ovarian cancer, and the resilience that carried her forward. She will also treat the audience to an exclusive reading from her acclaimed book Healed.

Keep ReadingShow less
Archer-Getty

Playing his first Test in over four years, Archer dismissed Yashasvi Jaiswal with just his third ball. (Photo: Getty Images)

Bumrah claims five at Lord’s as Archer strikes early on Test return

JOFRA ARCHER made an early breakthrough on his return to Test cricket at Lord’s on Friday, while India captain Shubman Gill was dismissed for a low score on the second day of the third Test.

Playing his first Test in over four years, Archer dismissed Yashasvi Jaiswal with just his third ball. Later, Gill, who had scored 585 runs in four innings in the series including three centuries, was caught behind for 16.

Keep ReadingShow less
​Alcaraz

Alcaraz has won 35 of his 38 matches on grass, including 20 in a row at Wimbledon since losing to Sinner in the fourth round in 2022.

Getty Images

Alcaraz beats Fritz to enter third straight Wimbledon final

 

Highlights:

 
     
  • Carlos Alcaraz defeated Taylor Fritz in four sets to reach his third Wimbledon final in a row.
  •  
  • The match was played in extreme heat, with on-court temperatures nearing 32 degrees Celsius.
  •  
  • Alcaraz extended his winning streak to 24 matches, the longest of his career.
  •  
  • He is aiming to become the fifth man in the Open era to win three straight Wimbledon titles.

CARLOS Alcaraz reached his third consecutive Wimbledon final on Friday with a 6-4, 5-7, 6-3, 7-6 (8/6) win over American fifth seed Taylor Fritz.

Keep ReadingShow less
Air India flight crash
Air India's Boeing 787-8 aircraft, operating flight AI-171 to London Gatwick, crashed into a medical hostel complex shortly after take-off from Ahmedabad on June 12.
Getty Images

Air India crash probe finds fuel to engines was cut off before impact

Highlights

 
     
  • Fuel to both engines of the Air India flight was cut off seconds before the crash
  •  
  • A pilot was heard questioning the other over the cut-off; both denied initiating it.
  •  
  • The Dreamliner crashed shortly after take-off from Ahmedabad, killing 260 people.
  •  
  • Investigators are focusing on fuel switch movement; full analysis may take months.

FUEL control switches to both engines of the Air India flight that crashed shortly after takeoff were moved from the "run" to the "cutoff" position seconds before the crash, according to a preliminary investigation report released early Saturday.

Keep ReadingShow less