Nehal Modi, brother of fugitive businessman Nirav Modi, has been accused of diamond fraud worth US $ 1 million (about Rs 7.36 crore). Nehal took these diamonds from an American company by making false promises and later avoided paying him money.
Now this company has filed a lawsuit against him and will have to face trial in the Supreme Court of New York.
What is the whole matter?
In 2015, Nehal Modi approached LLD Diamonds with a possible deal with Costco Homesell Corporation and asked for $ 8,00,000 diamonds to show Costco.
He later bought diamonds from LLD on credit and took a short-term loan on these diamonds, lying about Costco getting ready for the deal.
He similarly bought 1 million dollar diamonds from LLD between April and May, 2019.
Nehal kept pretending not to receive money from Costco
According to a Manhattan district attorney statement, Nehal Modi meanwhile made some payments to the LLD as well, but it was too low.
To hide his rigging, he kept making excuses for not getting money from Costco and falsely giving the trust to repay the dues.
LLD finally realizes his fraud and asks him to pay Nehal immediately. The company filed a case when he was unable to do so.
Nehal can be sentenced to a maximum of 25 years
According to court prosecutor documents, LLD relied on Nehal Modi as a well-known face of the diamond business and a member of the prestigious family that runs several diamond companies.
The Supreme Court of New York has initiated a case against him under the charge of ‘first class big theft’ and on this charge he can be punished with a maximum sentence of 25 years in jail.
Nehal told himself innocent, released without bail
At the same time, Nehal’s lawyer has said that this is a business dispute and Nehal is not guilty in this. According to the New York Post, the court has released him without bail. Please tell that Nehal currently lives in Belgium.
Nehal is also accused in PNB scam
Significantly, Nehal Modi is also accused in the Rs 14,000 crore Punjab National Bank (PNB) scam and the Central Bureau of Investigation (CBI) is looking for him. He is accused of destroying evidence related to the case in Dubai.
His brother Nirav Modi is the main accused in the case and he is accused of taking loans from banks with fake documents in association with Mehul Choksi. He has not repaid this debt.