Billionaire Suspected of Cheating $1.8 Billion from India’s Biggest Bank

Billionaire suspected of cheating $1.8 billion from India’s biggest bank.

By Lydia Richins, Marketing —

Diamond Dealer

Nirave Modi is currently ranked as India’s 85th richest man. He, like his father and grandfather before him, has become wealthy from the diamond business. He has stores in India, New York, Las Vegas, Bejing and Hong Kong. Actors Priyanka Chopra (star of “Quantico”) and Rosie Huntington-Whiteley (star of “Transformers 3”) were just signed as brand ambassadors for his company. This man’s net worth is over 1.74 billion. Of course, that was before investigators seized $200 worth of his assets.

Leading Suspect

Nirave Modi has been linked as a leading suspect of a $1.8 billion fraud against the Punjab National Bank. This is following an earlier compliant that the bank made to authorities in early January 2018, claiming Modi and several others cheated the bank out of $44 million. It is unclear how the two reports are connected.

Bank Employees Under Investigation

Employees are suspected of helping customers commit fraud, and are under investigation as well. Meanwhile Modi’s passport has been suspended. He has one week to contest the suspension, if not his passport will be revoked. Currently he is thought to be in New York. It seems the government wants to avoid the later hassle of extradition, which became a big issue with a similar case involving liquor baron, Vijay Mallaya.

Finding Truth

With so much on the line it is essential that the truth be uncovered. While investigators will still need to gather evidence, lie detection technology will be able to point them in the right direction. While the polygraph is nearly 85 percent accurate, if paired with a new technology called EyeDetect® authorities can be 99 percent sure whether Nirave Modi is innocent or guilty. Starting of the investigation in the right direction could jumpstart the search and quickly uncover who was behind the $1.8 billion fraud.

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Photo by / Niels Steeman