The scriptwriters of Bollywood’s most imaginative could never write such a scenario, as the reality exceeds the fiction. The case fascinated the whole of India, as it splashes over both the national Bank of Punjab (PNB), the second largest credit institution in the sphere of state (after the State Bank of India), and a diamond merchant billionaire. Due to the overwhelming success of the one who calls Nirav Modi did not leave to surprise in recent years the luxury sector in general, and jewelry in particular, despite the glamour of which the person is surrounded, by lending his jewels to the biggest stars of show-business.
At the age of 47 years, the latter, whose surname has no connection with that of prime minister, Narendra Modi, is at the head of a fortune estimated at $ 1.8 billion (1.5 billion euros) by Forbes magazine. Since the beginning of January, he is on the run with his wife, a Friend, his brother, Nishal, and his uncle, Mehul Choksi. Partners in the family business of diamond across societies Firestar Diamond and Gitanjali Gems, the latter are accused of having manipulated the staff of the GNP, in order to extort hundreds of bank guarantees allowing them to borrow at tower arms abroad.
Nirav Modi and his family members would have done so to finance at a lower cost, given the high level of interest rates in India, the purchase of gemstones for making jewellery in their workshops in Mumbai (west), Surate (north-west) and Jaipur (north), but also in Russia, Armenia and South Africa.
“A boss who had great human qualities ”
Firestar Diamond and Gitanjali Gems, indebted respectively to the tune of 400 million and 700 million euros, did not have the borrowing capacity sufficient to run their business. Since 2011, they would wear the risk by their bank with the complicity…