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Tycoon Who Bejeweled Stars Behind Alleged $2 Billion Fraud

  • Nirav Modi is being probed on allegations by a state-run bank
  • Modi once bejeweled movie stars Kate Winslet and Naomi Watts
Nirav Modi
Nirav ModiPhotographer: Aniruddha Chowdhury/Mint via Getty Images
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The opening of Nirav Modi’s jewelry store on Madison Avenue in the fall of 2015 attracted A-listers from actress Naomi Watts to Donald Trump Jr. It also celebrated the expansion of an Indian business that is now near ruin amid an investigation for an alleged $2 billion fraud.

As investigators probe Modi’s alleged use of fake guarantees from the Punjab National Bank to solicit loans, his past decade’s business dealings are also coming under scrutiny by India’s $60 billion jewelry industry, which now faces tighter access to credit and more stringent auditing.