Amid 12,600 Crore Loan Fraud, Buyers Show Interest In Nirav Modi’s Bankrupt US Firm

Potential buyers have expressed strong early interest in a bankrupt US firm of jeweller Nirav Modi, who has been accused of involvement in a $2-billion (over Rs 11,000 crore) bank fraud in India, court filings in New York show.

Firestar Diamond Inc filed for bankruptcy protection on February 26 in the United States, following accusations that other firms led by Nirav Modi and his uncle colluded with officials of state-run Punjab National Bank (PNB) to secure unauthorised loans between 2011 and 2017.

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Nirav Modi and his uncle Mehul Choksi, owner of Gitanjali Gems Ltd, left India in January before the fraud came to light, but have said in letters and statements they are innocent.