• Monday, August 15, 2022

Business

Nirav Modi’s Firestar Diamond files for bankruptcy in US

File photo: Nirav Modi

By: Keerthi Mohan

Firestar Diamond, the international jewelery business owned by Nirav Modi, who is currently involved in the Punjab National Bank scam, filed for bankruptcy in the US on Monday. According to court filing in the Southern District of New York, the company has listed assets and liabilities in the range of $50 million to $100 million. On Monday, it was revealed that the PNB scam is a lot bigger than earlier reported. The fraud reportedly perpetrated by Modi and his uncle Mehul Choksi is said to be around $2 billion, about $204 million more than the previous estimate. The Enforcement Directorate, in the…

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