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Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, was arrested in the US on Saturday, July 5, upon extradition request from the CBI and ED
Nehal Modi, brother of fugitive diamond trader Nirav Modi | File Image
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, was arrested in the US on Saturday, July 5, upon extradition request from the CBI and ED, according to reports.
Nehal Modi’s arrest comes five years after he was charged with fraud for allegedly acquiring diamonds worth over $2.6 million from LD Diamonds USA, one of the world’s largest diamond firms based in Manhattan.
Sources claim that Nehal Modi acquired diamonds from the company by falsely claiming they were meant for a deal with Costco—a deal that ultimately never materialised.
Instead of honouring the payment terms, he allegedly pawned and sold the diamonds for his own financial benefit.
His arrest came after an extradition request by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), who have been probing his involvement in the $2.6 million fraud case linked to LLD Diamonds USA.
Notably, the arrest marks a significant step forward in the ongoing investigation into the Modi family’s alleged financial misconduct.
Nehal Modi has also been chargesheeted in the PNB scam, one of India’s biggest financial frauds, for allegedly helping brother Nirav Modi secure fake credit letters in a multi-billion-dollar scheme.
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