New York, December 20
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been indicted here for fraudulently obtaining diamonds worth over USD 2.6 million from one of the world’s biggest diamond companies in Manhattan.
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance Jr said.
According to the indictment, court filings and statements made on the record in court, between March 2015 and August 2015, Nehal, a former member of Noble Titan Holdings, made false representations to obtain over USD 2.6 million worth of diamonds from LLD Diamonds USA on favourable credit terms and consignment, and then liquidated the diamonds for his own ends.
The statement said Nehal, “who comes from a well-known family in the diamond industry”, was initially introduced to the president of LLD Diamonds through industry associates.
To cover his fraud, Nehal falsely claimed that he was encountering payment issues due to a “Costco fulfillment error” and made repeated promises to satisfy the balance, the statement noted.
Nehal’s brother Nirav, 49, is wanted in India on charges of fraud and money laundering in the USD 2-billion PNB scam case. He remains at Wandsworth Prison in south-west London where he has been lodged since his arrest in March last year. — PTI