For a brief period, Nirav Modi appeared to have achieved what few Indian entrepreneurs ever had. His name adorned luxury boutiques on London’s prestigious Old Bond Street, New York’s Madison Avenue and Hong Kong’s most exclusive shopping districts. His diamond creations were worn by Hollywood celebrities including Kate Winslet and Priyanka Chopra Jonas, while his brand was presented as India’s answer to Tiffany & Co. and Cartier. Within months, however, the billionaire jeweller had become one of the world’s most wanted fugitives, accused of masterminding India’s biggest banking fraud.
Born into a family of diamond merchants, Modi entered the jewellery trade at a young age before founding Firestar Diamond in 1999. He built a reputation for rare, high-end diamonds and contemporary jewellery, transforming his business into an international luxury brand. By 2016, the opening of his flagship boutique on London’s Old Bond Street symbolised his arrival among the world’s elite jewellers, with his collections attracting celebrities, wealthy collectors and global investors.
The image of success began to unravel in early 2018 when Punjab National Bank uncovered what investigators described as a long-running fraud involving fraudulent Letters of Undertaking (LoUs), financial guarantees used to obtain overseas credit. Authorities alleged that these guarantees had been issued without proper authorisation through the bank’s Brady House branch in Mumbai, enabling companies linked to Modi and his uncle, Mehul Choksi, to secure billions of dollars in financing. The scandal quickly became one of the largest banking fraud investigations in India’s history.
Before the allegations became public, Modi had already left India. Indian agencies, including the Central Bureau of Investigation and the Enforcement Directorate, launched extensive investigations, attaching luxury assets, jewellery, artwork and properties linked to the businessman. Extradition proceedings were later initiated in the United Kingdom, where Modi has remained in custody while continuing to contest his return to India.
One of the most dramatic moments in the saga unfolded in London in 2019, when The Telegraph tracked Modi down after months of speculation over his whereabouts. Confronted by reporters on the streets of central London, he repeatedly responded with only “No comment” when questioned about the fraud allegations and extradition proceedings. The footage quickly went viral, bringing renewed international attention to the case.
Years after his spectacular rise and equally dramatic downfall, Nirav Modi’s story remains one of the most remarkable examples of how a global luxury empire built on prestige and exclusivity collapsed under the weight of one of India’s largest financial scandals, transforming a celebrated diamond magnate into India’s most wanted economic fugitive.
