Nehal Modi, brother of diamond businessman Nirav Modi, has been accused of cheating one of the world’s largest diamond companies for $ 2.6 million (over Rs 19 crore) through a multilayered scheme. Announcing the charges against Nehal Modi on Friday, prosecutor Say Vance said, “Diamonds are forever but this scheme of fraud will not last forever. Now Nehal Modi will face a New York Supreme Court indictment”.
Under the laws of New York State, the first degree felony conviction means theft over $ 1 million, with a maximum sentence of 25 years in prison. According to the New York Post, Modi told the court that he was not guilty of the charge and was then released without bail. As part of the judicial process in New York, the prosecutors first presented the case to the jury, who decided that the case should proceed.
Nehal Modi is wanted in India in connection with a fraud of Rs 13,500 crore (about 1.9 billion dollars) involving Punjab National Bank and Interpol has also issued a red notice on India’s request. It requests law enforcement agencies around the world for his arrest. Nehal’s extradition is still pending.
Modi has been accused in the Supreme Court of ‘major theft in the first degree’ for taking diamonds worth more than $ 2.6 million from a diamond wholesale company based in Manhattan. Under the laws of New York State, the first degree felony theft means stealing more than $ 1 million, with a maximum sentence of 25 years in prison.
The fraud dates back to 2015, when Nehal Modi took diamonds worth $ 2.6 million from LLD Diamonds USA to make a “false presentation”. Prosecution said that in March 2015, Modi first asked the company to give diamonds worth about $ 8,00,000 and said he would show them for a possible sale to a company called Costco Wholesale Corporation.
