US Court Rejects Nirav Modi Plea On Dismissing Fraud Allegations: Report
NDTV
The PNB and the other defrauded banks are reported to have lost in excess of USD1 billion as a result of the fraud, the judge wrote in his order.
A bankruptcy court in New York has dismissed a petition of fugitive of diamond merchant Nirav Modi and his associates, seeking dismissal of fraud allegations against them.
The allegations were made by Richard Levin, the court appointed trustee of three US corporations--Firestar Diamond, Fantasy Inc and A Jaffe--indirectly owned by Nirav Modi previously.
Levin had also sought a minimum compensation of USD 15 million for “harm” suffered by the debtors of Modi and his associates Mihir Bhansali and Ajay Gandhi.
Southern District of New York Bankruptcy Court Judge Sean H Lane issued the order last Friday, in a major blow to the Indian fugitive and his accomplices. `
