Nirav Modi accused of US$2 billion banking fraud

Indian jeweler Nirav Modi, once a prominent figure in global luxury fashion and celebrity circles, faces allegations of orchestrating one of India's largest recent banking frauds. His brand was known for supplying high-end jewelry to international celebrities on red carpets from Los Angeles to Cannes.

In 2018, Indian authorities, including the Central Bureau of Investigation (CBI) and the Directorate of Enforcement (ED), accused Modi of defrauding the state-run Punjab National Bank of approximately US$2 billion. Prosecutors allege that Modi used a network of hidden transactions to finance his empire with borrowed funds he did not intend to repay.

Modi denies the allegations, previously stating that his actual debt to the bank is significantly lower. He has been fighting extradition efforts for nearly seven years.