Nehal Modi brother of Nirav Modi charged with 2.6 million dollar fraud in New York

Dec20,2020 #Nehal Modi #Nirav Modi #Scam
Nehal Modi


As per Manhattan District Attorney Cy Vance, Jr., Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree.

Manhattan District Attorney Cy Vance, Jr. said “While diamonds maybe forever, this flawed scheme was not, and now Modi will face the clarity of a New York Supreme Court indictment. My Office will not allow individuals who have the privilege of soliciting business in Manhattan’s iconic diamond industry to defraud our businesses or consumers,”.

Nehal Modi is accused of fraudulently obtaining diamonds worth over USD 2.6 million from one of the world’s biggest diamond companies in Manhattan.

It is alleged that in the March 2015, he approached LLD, claimed that he was pursuing a relationship with Costco Wholesale Corporation and asked the New York-based diamond company to provide several diamonds, worth nearly USD 800,000, to present to Costco for a potential sale. 

It is found that after LLD provided the diamonds, Nehal falsely informed the company that Costco had agreed to purchase them. Subsequently, LLD allowed him to purchase the diamonds on credit, with full payment required within 90 days.

Modi then pawned the diamonds at Modell Collateral Loans to secure a short-term loan, the Manhattan District Attorney said.

Related Post