International diamond trader defrauded business out of millions of dollars

New York, NY – On July 7, 2022, the Manhattan District Attorney, Alving Bragg, Jr. announced that 41-year-old Nehal Modi was convicted for fraudulently obtaining more than $2.6 million worth of jewelry from a wholesale diamond company based in Manhattan, NY.

In 2015 Modi approached the company and asked them to provide him with diamonds worth nearly $800,000 so that he could present them to a large chain so that they could purchase them. After the company supplied Modi with the diamonds, he lied to the company by telling them the large chain had agreed to purchase the jewelry. The diamond company then allowed Modi to purchase the jewelry on credit, with the condition that full payment was required in 90 days. Modi however, did not sell the diamonds to the large chain. He pawned the jewelry at a New York City-based company for $450,000.

Click here to read more about the crime Nehal Modi committed. Nehal is the brother of Nival Modi who has also committed a crime including a $2 billion banking fraud.


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