By Sarah Keane • 19 December 2020 • 12:10
INTERNATIONAL gem dealer busted in $1.4million diamond fraud
Wealthy international gem dealer Nehal Modi, 41, was charged with grand larceny in Manhattan Supreme Court on Friday, December 17, for fleecing a New York wholesaler of over $1.4million in diamonds. Well-known Modi convinced LLD Diamonds USA to front him $2.6million in precious stones, but instead of paying his bill he allegedly sold $1.4million worth at a whopping discount and pocketed the profits.
“While diamonds may be forever, this flawed scheme was not, and now Mr. Modi will face the clarity of a New York Supreme Court indictment,” said Manhattan District Attorney Cy Vance Jr. in a statement.
Modi faces even more charges in India, where he is accused of laundering $100million for his brother and jeweller-to-the-stars Nirav Modi, whose jewels have adorned the likes of Kate Winslet and Rose Huntington-Whiteley.
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Former teacher and health services manager with a Degree in English, Sarah moved to Spain from Southern Ireland with her husband, who runs his own car rental business, in 2019. She is now enjoying a completely different pace and quality of life on the Costa Blanca South, with wonderful Spanish and expat friends in Cabo Roig. Sarah began working with Euro Weekly News in 2020 and loves nothing more than bringing all the latest national and international news to her local community.
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