Nehal Modi, brother of jeweler Nirav Modi accused of PNB fraud and wanted by the IWC in the case, has been indicted in the United States for a fraud case worth $ 1 million in diamonds.
Nehal Modi made “false statements” to obtain more than $ 2.6 million in gems from LLD Diamonds USA on favorable credit terms and on consignment, and then liquidated them for his own purposes, according to a statement from the Manhattan district attorney’s office.
“As alleged, Mr. Modi scammed a Manhattan diamond wholesaler into presenting him with millions of diamonds for an alleged settlement with Costco that never existed. While diamonds can be forever, this flawed plan was not, and now Mr. Modi will face the clarity of an indictment from the New York Supreme Court, ”Manhattan District Attorney Cy was quoted in the statement. Vance.
According to the statement, Nehal Modi in 2015 made false statements to obtain more than $ 2.6 million in diamonds from LLD Diamonds, USA ‘On favorable credit terms and consignment, and then liquidated the diamonds for his own purposes’.
Nehal Modi, a resident of Belgium, is the brother of Nirav Modi, the diamond merchant who was one of the defendants in a bank fraud case in which he allegedly swindled $ 2 billion from the National Bank of Punjab, according to a report by NDTV.
Nehal Modi himself is wanted by the IWC in the PNB fraud case and accused of destroying evidence in Dubai to cover the tracks of the alleged crime.
“Between April and May 2015, MODI returned to LLD three more times and took over $ 1 million in diamonds for alleged sales to Costco. Modi made a series of payments to LLD, but used the majority of the proceeds for personal use and other business expenses, ”the statement read.
To cover up his fraud, Nehal Modi falsely claimed that he had payment problems due to an error and made repeated promises to satisfy the balance, the statement added.
He is now indicted in a New York Supreme Court indictment for grand theft in the first degree. Interpol has issued a Red Corner Notice (RCN) against Nehal on charges of alleged money laundering which is being investigated by the Directorate of Enforcement. Nehal was born in Antwerp, Belgium in 1979, and knows languages such as English, Gujarati and Hindi, according to the RCN issued by Interpol.
The New York Post quoted Nehal’s defense attorney, Roger Bernstein, as saying, “This is a business dispute” and that “Nehal is not guilty.” A video on The Post’s website shows Nehal walking with Bernstein, who said “we are not discussing anything about the case” when asked about the Interpol notice.
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