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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