Riches to Rags: Modi Business "has $3 Bank Balance"

By John Jeffay / August 23, 2023 / www.idexonline.com / Article Link

(IDEX Online) - Nirav Modi, the one-time diamond billionaire, now has less than $3 in his company bank account.Firestar Diamond International Pvt. Ltd. (FDIPL) has a balance of just Rs 236 ($2.85) according to a Times of India report, after Kotak Mahindra Bank transferred almost $300,000 to pay income tax debts.Modi, 51, (pictured) is accused of fraudulently using letters of undertaking offered by the Punjab National Bank (PNB) in an alleged $1.85bn fraud.Last November he lost his last-ditch appeal against extradition from a British prison to stand trial after telling a court he was suicidal. Modi fled India in early 2018, as the alleged scam was discovered and was arrested in London in March 2019.Earlier this year jewelry, property and other assets belonging to Firestar were auctioned, and Modi has appeared in court for failing to pay the legal fees incurred in his extradition battle.

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