Antwerp diamond dealer arrested in US for large-scale fraud in India
Antwerp diamond dealer Nehal Modi was arrested in the United States on suspicion of embezzling approximately 1.5 billion euros from the Punjab National Bank, reports Het Nieuwsblad.
Modi was born in Antwerp into a prominent diamond family that immigrated from India to Belgium in the 1960s. In 2018, the Punjab National Bank filed a complaint against the family for large-scale fraud.
According to the bank, Modi had embezzled around 1.5 billion euros with the help of his brother and uncle. Modi played a key role in the scheme, including siphoning and hiding the money through fake companies and cross-border transactions.
Pressuring witnesses
After the scheme came to light, Modi helped his brother go into hiding, destroyed evidence, and tried to pressure witnesses, according to the Indian tax intelligence agency, the Enforcement Directorate. He is also said to have smuggled around 50 kilos of gold and large sums of cash out of Dubai and used shell companies to hide his involvement.
Nehal had just completed a three-year prison sentence when he was rearrested in the US on July 4 at the request of Indian authorities, according to Het Nieuwsblad. A preliminary hearing on his extradition is scheduled for July 17, where he is expected to request release on bail.
© PHOTO MAISANT LUDOVIC / HEMIS VIA AFP
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