In 2017, Forbes The estimated internet price of billionaire jeweler Nirav Modi is $1.Eight billion. The Firestar Diamond founder based his personal Nirav Modi model, with shops bobbing up in all places from Mumbai, Hong Kong (China) to London and New York.
Nonetheless, after being accused of finishing up one in every of India’s largest financial institution frauds ever, the diamond dealer was left virtually empty-handed.
Modi has been in HMP Wandsworth, a British jail, since 2019. A big-scale manhunt was launched when Modi fled India, forcing the nation’s authorities to coordinate with Interpol.
Mr. Modi was accused of defrauding the Punjab Nationwide Financial institution (PNB) of tens of millions of {dollars}. Photograph: Getty Pictures
Modi is accused of defrauding Punjab Nationwide Financial institution (PNB) tens of millions of {dollars}, destroying proof and tampering with witnesses. After arriving in London in 2018, Modi initially utilized for asylum on the grounds of “political repression” and lived in an house that prices $23,000 a month, in keeping with reviews. The Day by day Telegraph.
The Indian authorities needed to extradite Modi, however his legal professionals objected. After being formally arrested in central London in 2020, Modi gained the correct to enchantment towards extradition on the premise of a psychological well being evaluation in August 2021 – alleging he was prone to suicide. .
Mehul Choksi
In Might, Mehul Choksi, the proprietor of the Gitanjani Jewellery Retail Group, was arrested in Dominica for alleged involvement within the aforementioned financial institution rip-off alongside along with his nephew Nirav Modi.
Nonetheless, Mehul Choksi’s arrest was made based mostly on his unlawful entry to the Caribbean island from Antigua, the place he has been a naturalized since 2017.
Mehul Choksi. :Nh: Instagram
In an interview with India Right this moment TV, Choksi mentioned he was kidnapped, tortured by Indian authorities and compelled to enter Dominica towards his will in order that he was imprisoned. After 50 days, Choksi was launched on bail and mentioned he was contemplating returning to India to show his innocence, however was now “involved about his personal security”, in keeping with a number of media reviews.
Ramalinga Raju
Ramalinga Raju is the founding father of Satyam Laptop Providers. He rose to fame after the corporate signed a multimillion-dollar deal in 2007 to develop into the primary Indian sponsor and official IT service supplier of the 2010 and 2014 Fifa World Cups.
In 2009, Raju admitted to falsifying firm accounts for $1.5 billion and resigned. In a five-page letter to Satyam’s board of administrators in January of that yr, Raju mentioned he had deliberately elevated the corporate’s money and checking account balances. This transfer was meant to cowl up the corporate’s underperformance, however it made Raju seem like he was “using a tiger and never understanding the right way to step down with out being eaten”.
In 2009, Raju admitted to falsifying firm accounts for $1.5 billion and resigned. Photograph: Twitter
In April 2015, Raju was sentenced to seven years in jail and a big fantastic, however he was launched on bail after solely a month by a particular court docket in Hyderabad. Comply with The Hindu, he was launched as a result of the court docket acknowledged the trial can be prolonged.
Subrata Roy
Subrata Roy was once a first-rate instance of the story of getting wealthy empty handed. Coming from a poor household, Subrata Roy has constructed an empire in finance, infrastructure and housing. Nonetheless, he was later whistled by India’s market regulator for defrauding traders. The Securities and Change Fee of India (SEBI) additionally accused Roy of violating securities legal guidelines.
Regardless of the arrest and controversy, Roy stays a preferred determine in India. Photograph: AFP
Comply with India Right this moment, Roy was jailed for two years earlier than being launched on parole in 2016. In November 2020, SEBI filed with the Supreme Courtroom of India asking Roy to pay $8.43 billion or return to jail, asserts this quantity is your legal responsibility owed.
Regardless of the arrest and controversy, Roy stays a preferred determine in India. In June, it was introduced that his life can be made right into a film. Roy additionally featured within the well-liked Netflix present, “Unhealthy Boy Billionaire: India”, which was launched in 2020.
