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Nirav Modi: Who is India's scandal-linked billionaire?
By loanleon • 03:20 • Nirav Modi: Who is India's scandal-linked billionaire? • Comments : 0
He was already the second most famous Mr N Modi of India.
But now Nirav Modi - the billionaire diamond trader and jeweller to Hollywood and Bollywood stars - is in the news for very different reasons.
Last month, Punjab National Bank filed a criminal complaint that accused Mr Modi and others of defrauding the bank, costing it 2.8bn rupees ($43.8m).
Then this week, the same bank publicly alleged that the jeweller was among those involved in an alleged $1.8bn fraud - which has led to fears for India's second-largest state-run bank.
This was echoed by India's law and justice minister, who told a press conference that "Nirav Modi and his accomplices attempted to bypass established banking channels by perpetrating this fraud".
While police have begun formal investigations into Mr Modi, no charges have been brought.
The diamond tycoon is yet to comment on the claims, and so far, it is understood detectives have not managed to speak to him.
However high profile police raids on his jewellery stores and other businesses have made this a huge corporate story.
And his supposed links with that other N Modi - India's Prime Minister Narendra Modi - means it is rapidly becoming a political story too.
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