Nirav Modi’s brother arrested in US for ‘stealing diamonds’ worth more than 1 million dollars!!!

New Delhi: Nehal Modi, a brother of fugitive joaillier Nirav Modi, who was also delineated by the CBI in the PNB scam case, was on Saturday charged in the US for cheating a company over $1 million in diamonds. The international gems dealer has been accused by a New York prosecutor after he created “false representations” to get diamonds worth over $2.6 million from LLD Diamonds USA.

Nehal Modi had discovered promising credit terms to purchase the diamonds and then liquidated them for his own limitations. He shocked the diamonds to another company for a temporary loan and arrived back to LLD to obtain more diamonds, this time worth $1 million, asserting that Costco had consented to purchase them. Declaring the charges of “grand larceny in the first degree” against Nehal Modi on Friday, the prosecutor, Cy Vance, said, “While diamonds may be forever, this defective system was not, and now Mr. Modi will confront the transparency of a New York Supreme Court charge.”The crime of grand theft in the first degree under New York State laws is theft concerning more than $1 million and it holds a maximum penalty of 25 years in prison.

Modi informed the court he was not blameworthy of the charge and was freed without bail. The prosecution said that in March 2015 Modi first requested the company to provide him diamonds worth about $8,00,000 proclaiming they were to be shown for a possible deal to a company recognized as Costco Wholesale Corporation, a chain that gives cost discounts to its customers who unite as members. He made some expenses to LLD but used the central part of the profits for business and personal expenses and in order “to cover his fraud, Modi falsely declared that he was holding payment concerns because of a “Costco fulfillment error,” prosecutors said.

Modi returned to LLD “with the false claim” that Costco desired to purchase more diamonds and after picking them up, he shocked some of them and sold the rest to retailers at a “steep discount”, as per the prosecution. By the time when LLD found the scam and demanded payment or return of the diamonds, Modi had already shocked or sold off all the gems and devoured most of the money, prosecutors said.LLD then complained about the Manhattan prosecutor’s office.