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- Nirav Modi is India’s one of the better- known diamantaires
- Since 2013, Nirav Modi has been a regular on the lists of rich and famous Indians
- Nirav Modi and his firms exploited the loopholes in the banking system to the fullest by seeking letters of undertaking
Who Is Nirav Modi
Nirav Modi is India’s one of the better- known diamantaires. Hewas born in a diamond-dealing family and spent his childhood in Antwerp, Belgium. At an early age of 19, he set sail for Mumbai. After spending nine years down the lane, he came up with his own company named Firestar Diamond Ltd. Initially, Nirav Modi started with selling loose stones and employed the only handful of people. But after attaining staggering success in his business till last year, the number of employees was more than two thousand.
As per the Firestar Group figures, the company’s revenue jumped over three years from 103 billion rupees to some 147 billion rupees by the 2016-17 fiscal year. Since 2013, Nirav Modi has been a regular on the lists of rich and famous Indians. According to Forbes magazine rankings, Nirav Modi’s net worth ranges to some $1.8 billion which itself explains the lavish lifestyle of the business tycoon.
Nirav Modi’s stamped his name in India’s top corporates with growing global prestige with his fame and affluence. The Bollywood star and former Miss World, Priyanka Chopra also adorned with Modi’s jewels. From Hollywood’s red carpets to the Bollywood awards, his diamonds have sparkled on the bodies of actors and models like Kate Winslet, Dakota Johnson and Priyanka Chopra.
Last month, Nirav Modi was spotted at the World Economic Forum in Davos. A group photograph with Prime Minister Narendra Modi in the foreground and Nirav Modi in between rows of Indian business leaders have come under fire from the Congress party and notably carried out by the Indian media. Some political parties have taken a direct shot at Prime Minister for facilitating the run of Nirav Modi. In one of its tweet, Rahul Gandhi blamed Narendra Modi for this blunder.
Guide to Looting India
by Nirav MODI
1. Hug PM Modi
2. Be seen with him in DAVOS
Use that clout to:
A. Steal 12,000Cr
B. Slip out of the country like Mallya, while the Govt looks the other way.
— Office of RG (@OfficeOfRG) February 15, 2018
Nirav Modi and his firms exploited the loopholes in the banking system to the fullest by seeking letters of undertaking (LOU) and thus raised credit from foreign banks to pay to its merchants. In simple words, LOU is a bank guarantee issued for overseas import payments. The scandal is termed as India’s biggest banking scams in ages.
For the past seven years, Nirav Modi’s three firms-Diamond R Us, Solar Exports and Stellar Diamonds-were in the process of procuring the LOU’s from the Punjab National Bank (PNB). Through these bank guarantees, Nirav Modi was able to raise the short-term loans from foreign branches of Indian banks to pay to its suppliers of raw material for his business.
Due to the recent setback to the Punjab National Bank, its shares closed 2% lower at Rs. 125.65 against the previous day’s closing on BSE.
The CBI (Central Bureau of Investigation) booked the billionaire jewellery designer on January 31, along with his wife Ami, brother Nishal and business partner Mehul Choksi. The Nirav Modi’s wife is a U.S. citizen and said to be equally involved in the billion dollar fraud. The charges levelled against them were of allegedly cheating state-run Punjab National Bank to the tune of Rs. 280 crore. Within a fortnight of the first complaint by the Punjab National Bank, CBI was taken into the loop.
Nirav Modi and his brother Nishal, who is a Belgian citizen, left India on January 1. However, it is still not known if they travelled together or separately. Meanwhile, Nirav Modi’s wife Ami, who is a US citizen, left India on January 6. Following the footsteps of his business associates, Mehul Choksi, the promoter of Gitanjali jewellery chain, left on January 4, the officials said.
After the exposure of the scam, CBI and the Enforcement Directorate moved to the External Affairs Ministry in order to get revoked the passports of Nirav Modi and his associates. Hence, the passports of Nirav Modi and Mehul Choksi got suspended for four weeks.
The last nail is struck by CBI as it has asked Interpol for help to arrest celebrity jeweller Nirav Modi, who is being investigated for one of the biggest bank frauds of the country.
The federal investigative agency and the law enforcement officials raided his jewellery stores and other businesses in Mumbai and New Delhi. However, Nirav Modi’s flagship company, Firestar Diamond, has denied any involvement in the case.
Also Read: 5 scams that rocked India in 2015
After this scam, Nirav Modi’s biggest rivals like Tanishq and Gitanjali Gems must be having a heave of sigh in terms of competition. As per the NDTV’s report, Nirav Modi is holed up at New York’s JW Marriott Essex House at 160 Central Park South, which includes both a hotel and apartments. The place is situated in a premier location overlooking New York’s well known Central Park.
In the following paragraph, thePNB’s swoop of Rs. 11,300 Crore is explained as it is:
- There is a system of bank guarantee called a letter of undertaking (LOU). Under this a bank allows its customer to raise money from another Indian bank’s foreign branch in the form of a short-term credit. So basically, the LOU serves the purpose of a bank guarantee.
- In order to avail LOU, the customer or organization is expected to pay margin money to the LOU issuing bank and hence the credit limit is granted. But in the Nirav Modi’s fraud case, he didn’t pay up any margin money and on the top of that, no credit limit was set up for him.
- On a regular basis, Nirav Modi managed to pay to its suppliers of rough stones for his three firms. The money was paid through the loans by banks including Axis Bank, and Allahabad Bank. It was done by Nirav Modi’s firms on showing the letters of undertakings issued by the Punjab National Bank.
- Early this year, Punjab National Bank discovered that there was no official record of such letters of the undertaking before reporting the matter to the CBI.
- In this case, Nirav Modi and his firms were supposed to repay the loans but till now, all these loans have allegedly been rolled over for want of funds. Incidentally, when the borrower fails to make the repayment, the bank which has issued the LOU is constrained to honour the commitments on the behalf of its customers.
- On February 15, the RBI (Reserve Bank of India), the central finance body of India reportedly directed the Punjab National Bank to pay all these banks that gave loans to Modi’s firm on the basis of guarantees issued by the state lender.
- So virtually, Indian bank’s foreign branches were making payments on behalf of Nirav Modi’s to its suppliers in the form of loans.
- The hell broke out in January when Modi’s firm requested further LOUs for paying the overseas suppliers. The bank officials straightforwardly refused to entertain the request on the ground that Modi’s firm needs to keep 100% collateral for the same. On this, Modi’s firm argued that no such money was kept ‘on margin’ in the past either and this led to an investigation by the bank officials who scanned the records only to discover that there was no trace of any such transaction. Lately, it was known that the guarantees/ undertakings were issued by bypassing the rules in collusion with some Punjab National Bank
- The violation of the Punjab National Bank’s end was a too glaring blunder to ignore. Hence, a criminal complaint with the CBI was filed on January 29 accusing Nirav Modi and others of defrauding the bank and causing it a loss of Rs. 280 crore.The complaint included Nirav Modi and Mehul Choksi, managing director of Gitanjali Gems. But later on, Nirav Modi’s brother and his wife were also found to be included in this startling scam.
On the first day of the two-day meeting of BJP and Rashtriya Swayamsevak Sangh (RSS) leaders on Tuesday, discussions were held on important issues related to education and the National Education Policy-2020.
Apart from senior RSS leader Suresh Soni, representatives of various organisations associated with the Sangh Parivar -- working in the field of education -- were present in the meeting in New Delhi.
According to sources, Union Education Minister Dharmendra Pradhan, who attended the meeting on behalf of the government, shared information related to the National Education Policy-2020 and the government's policy on important issues related to the education sector. Pradhan also shared details of the efforts being made by the government in the field of education.
Discussions were also held regarding the impact of the situation arising out of Corona and how much it has affected the education sector.
In the meeting, the RSS leaders asked several questions and provided suggestions to the Union Minister regarding the education policy of the government.
According to the sources, RSS wants the policy to be implemented expeditiously. All aspects related to the policy were discussed in Tuesday's meeting.
On the second and the last day of the meeting on Wednesday, special issues related to education will be discussed in which representatives of various organisations of the Sangh, Union Ministers and several BJP leaders will be take part.
Meanwhile, in order to convey its point of view to the government on various issues, the Sangh keeps on calling such coordination meetings related to specific issues, in which RSS representatives -- working in that particular area -- provide feedback to the government. (IANS/JB)
Keywords: BJP, RSS, New Education Policy, Education, India
An old saying, "prevention is better than cure" should be the first scoop in the cup of excitement if you are out to explore the world. To make traveling safe, make sure you check some practical safety tips before and while on the journey.
Here are some tips that can keep you safe, ignoring the hurdles and risks during traveling.
Health issues are of major concern while traveling. These risks are common especially when you are traveling to a place where the diet is different from what you are used to. Health conditions like stomach infections, climatic diseases like flu, cold, etc can knock at your door.
Before traveling, make sure you did complete research about the weather conditions of those destinations where you planned to stay. Keep all the stuff with you, like basic medications, and clothes that will be helpful to keep you safe from the weather and ensure safe travelling.
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Travelers sometimes encounter the risk of being scammed at the departures or during the flights. This risk becomes more obvious when you don't speak the familiar language or don't have complete knowledge about the complex procedures.
Any stranger can come to you regarding the procedure completion and take advantage of your ignorance and fool you. Stay alert for these scams and keep these things in mind.
●Always use the ATMs that are linked to the banks.
●Know the basic procedure of checking
●Do not wear expensive jewelry to show off
●Keep the emergency services phone numbers
●Put the locks on the suitcases
To avoid transportation mishaps, you should search for all forms of transportation before leaving the place that can take you to the planned destination Photo by Guilherme Stecanella
The transportation you choose for your trip can be a blessing or sometimes a tricky tournament. To avoid transportation mishaps, you should search for all forms of transportation before leaving the place that can take you to the planned destination. And especially when traveling to faraway places.
Choose the one that is comfortable and free of hassles. For example, while choosing to travel by air, make sure you know the flight schedules. Make sure you book your flights with trusted airlines. International flights from Australia, Cathay Pacific, is the one of the best in this regard.
Apart from checking the flight's schedule, try to book your ticket in advance so you don't end up stranded on the ticket booth asking for tickets and no time slot is spared for a specific time.
Whether you are traveling domestically or internationally, you need identification. When traveling outside the country, your passport is the most important thing to carry and keep a check on. The most valuable traveling documents you should check on are:
Keep copies of these documents in case they get lost by mistake. In the case of stolen documents, the copies of these will help to make the process of getting them back a bit easier.
To avoid trouble, check out the guidelines such as rules and regulations. Follow the policies that are required. Before zipping your bags, check the customer's reviews to see what they faced worse while traveling through certain transportation if you chose the same one and what advice they shared. This will help you avoid those things that can put you in the same situation.
Before traveling, know the surroundings. Be aware of how the locals of that area talk and dress. Usually, tourists or travelers carry lots of cash and other valuables with them. That brings them under the spotlight. Those people who show off their appearances as a traveler from a different place and culture are more at risk of being scammed.
You can avoid those scams by:
●Dressing yourself like a local
●Don't show off yourself by standing in the middle of a crowd and take pictures
●Don't make it apparent if you get lost in the streets
Before traveling to some new place, especially when you are traveling outside the country, make research about the language spoken there. It helps you a lot, especially when you get lost or injured. Try to learn the basic phrases in the language being spoken in that particular area you are traveling to. Phrases like:
●I need help
●Where is the hospital
●Please guide me on the way to my hotel, etc.
If you are traveling outside the country, getting traveling insurance is recommended Photo by Denise Jans on Unsplash
Experiences matter. It is a bit hard to know the place you planned to visit if you have not visited it before. Make sure you find the experienced travelers who already have visited. Take advice from them. Ask them about their experience and what things you should do and what not. Do's and don'ts of that particular area. You can watch youtube videos that tell the lifestyle of a specific place.
Also read: 5 Must-Haves to Travel Light
If you are traveling outside the country, getting traveling insurance is recommended. It covers all unexpected injuries. Unfortunately, if you get a trip to the hospital or in case you lose your belongings, traveling insurance covers everything for you.
ATMs are the common places for thieves to steal the information of travelers. No doubt, they are the most convenient spot to take the money in the right currency. But it is recommended to stay cautious while using ATMs.
Check your back if anyone is stalking you or the person standing behind the mirrors waiting for his move, is not too close to finding out all the figures and info you entered.
You might not be familiar with the new place you are traveling to. To avoid uncertain situations like moving in the wrong direction, make sure you set the GPS in your phone so you reach your destination safely and on time without going through any hassle.
(Disclaimer: This article is sponsored and contains some commercial links)
Keywords: Travel, Tips, Apps, Language, Guidelines,
As a company, Facebook doesn't need much of an introduction. If you're not a member of the network, chances are you've seen or at the very least heard of it. Facebook is generally recognized as the most utilized social networking site. Facebook is used regularly by more than 2 billion people; it is probably an essential component of several people's online presence and daily routine.
The software for a website called "Facemash" was written by Zuckerberg, then a second-year Harvard student, in the year 2003. He put his talent to improper use by hacking into the security network of Harvard. To fill his new website, he duplicated the student ID pictures used by the dorms and uploaded them there. Anyone who visited the site could see photos of two students side-by-side and choose who among the two was "hot" or "not." Facemash opened on October 28, 2003, but a few days later, it was closed. Zuckerberg faced significant allegations of breach of security, infringement of intellectual property rights, invasion of personal privacy, and even expulsion from Harvard.
"The Facebook," now known as "Facebook," was founded in a Harvard dorm room on February 4, 2004, by Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz, and Chris Hughes. | Photo by Souvik Banerjee on Unsplash
Facebook, which has now grown to become the world's most popular social networking site, was sparked by a failed attempt to encourage internet users to evaluate each other's pictures. "The Facebook," now known as "Facebook," was founded in a Harvard dorm room on February 4, 2004, by Mark Zuckerberg, Eduardo Saverin, Dustin Moskovitz, and Chris Hughes. The site was named after the directories sent to university students to assist them in getting to know one another better. His troubles began again six days later when Harvard seniors Cameron Winklevoss, Tyler Winklevoss, and Divya Narendra charged them with stealing their ideas for the HarvardConnection social networking website, which they were developing at the time. Later, a lawsuit was filed against Zuckerberg, but the case was finally resolved without going to court. At first, only Harvard students were allowed to register on the website. However, over time, Zuckerberg sought the assistance of a handful of his classmates to assist in expanding the website.
ALSO READ: The Other Side Of Social Media
Sean Parker was appointed as the company's president in 2004. An investment of $12.7 million in the company from Accel Partners in the following year allowed for developing a high school student-focused version of the network. Facebook stated in September 2006 that anybody who was at least 13 years old and had a valid email address could become a member of the social networking site.
According to a study by the analytics website Compete.com, Facebook was declared the most widely used social networking service globally by 2009. | Wikimedia Commons
According to a study by the analytics website Compete.com, Facebook was declared the most widely used social networking service globally by 2009. The site's revenues ultimately propelled Zuckerberg to the status of the world's youngest multi-billionaire; he has done his bit to help others benefit from their success. In 2010, he and other wealthy businessmen committed to giving at least half of their fortune to charitable causes. Zuckerberg and his wife, Priscilla Chan, have contributed a total of $25 million to the Ebola virus's battle. Additionally, they stated that they would donate 99 percent of their Facebook shares to the Chan Zuckerberg Initiative, a non-profit organization dedicated to improving lives via education, health, scientific research, and energy.
Keywords: harvard, Harvard connection, facemash, social networking, zuckerberg, facebook