Home Top News Missing in Forbes billionaire list: PNB fraud accused Nirav Modi

Missing in Forbes billionaire list: PNB fraud accused Nirav Modi


here are well over 2,000 billionaires in Forbes magazine’s most recent list of the world’s wealthiest people. But Nirav Modi, the wealthy diamond tycoon accused of being part of one of the largest frauds in Indian banking history, isn’t one of them.

And yet, Forbes valued Modi’s personal fortune at around $1.8 billion (Over 116 billion rupees) last year, in a list of India’s 100 richest people.

Add a few hundred grand to that figure, and you get $2 billion, which Punjab National Bank (PNB) says is the scale of the fraud, according to a Reuters report. In another report, the news agency said that whopping total could climb even further, citing a source and documentary evidence.

Forbes explained why Modi isn’t on the new list in an article titled, “The 121 People Who Fell Off The Billionaire Ranks In 2018.”

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PNB, Forbes explained, accused the diamantaire “and his business partner (presumably a reference to Nirav Modi’s uncle, Mehul Choksi)” of colluding “with some executives at the bank’s Mumbai branch to conduct fraudulent transactions, resulting in a reported $1.8 billion flowing into Modi’s jewelry companies.”

“Modi, who left India before the scandal broke, reportedly denied the allegations,” the magazine noted.

Forbes now values Nirav Modi at “less than $100 million.” Compared to $1.8 billion, that’s a 94 per cent reduction.

Federal investigators are hot on the trail of Modi, and have made several arrests in connection with the PNB fraud.


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