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Nehal Modi charged with committing $2.6-mn fraud in New York

23 december 2020
News
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Image credit: LLD Diamonds (Facebook)


Nehal Modi,41, the younger brother of fugitive diamantaire Nirav Modi, has been indicted for fraudulently obtaining diamonds worth over $2.6 mn from one of the world's biggest diamond companies in Manhattan, New York, as per a report in livemint.com.
According to the indictment, between March 2015 and August 2015, Nehal, a former member of Noble Titan Holdings, made false representations to obtain over $2.6 mn worth of diamonds from LLD Diamonds USA on favourable credit terms and consignment, and then liquidated the diamonds for his ends.
The Interpol has issued a Red Corner Notice (RCN) against Nehal on charges of alleged money laundering that is being probed by the Enforcement Directorate. 

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished


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