Nehal Modi, brother of fugitive diamond businessman Nirav Modi, now faces a serious charge of fraud in New York. He 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. Nehal 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 in Manhattan. Now Nehal will face trial in the New York Supreme Court.
The same is a felony of the first degree under New York laws, a theft of more than $ 1 million. The fraud dates back to 2015 when Nehal Modi teamed up with a company to make a fake presentation of diamonds worth approximately $ 2.6 million from LLD Diamonds USA.
Assuming this procedure, in March 2015, Nehal asked for diamonds worth around $ 800,000 and claimed that he would show them for sale to a company called Costco Wholesale Corporation. Costco is a chain that sells diamonds at a low price to customers who join as members. Nehal Modi is a case of fraud of Rs 13,500 crore (about 1.9 billion dollars) related to PNB. India is constantly engaged in bringing Nehal back to India. On the recommendation of India, Interpol has also issued a red notice against Nehal. However, his extradition is still pending.
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