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Bad Boy Billionaire India – What Happened to Nirav Modi?

Bad Boy Billionaire India – What Happened to Nirav Modi?

Bad Boy Billionaire India is a Netflix series that explores the history of former Indian business tycoons. Among the billionaires they documented was Nirav Modi. Like the rest, he flew the country prior to the exposure of his loans.

Nirav Modi is a diamantaire who started the company Firestar diamonds. He is the first Indian jeweler to achieve international status. He has opened branches in the UK, in the US, and across the globe. Initially, people were not aware of his brand. However, in a span of a few years, he went from zero to top place. At the top of his game, no one truly questioned where did he come from or how did he do it?

In the midst of his success, rumors began spreading on how he achieved his funding. Some thought it was from mobsters, some say loans, and others add creative flares. Further investigation revealed that he was getting his funds from Punjab National Bank by securing Letters of Undertaking. He used them to pay suppliers. His loan reached ₹28000 Crore before his scheme was unveiled.

Prior to getting caught, he and his family flew the country. His wife and kids were in New York and Nirav was nowhere to be found. Eventually, a journalist from the UK recognized him and found his whereabouts. The battle to extradite him from the UK back to India began.

Nirav Modi is currently in a UK jail awaiting trial regarding his extradition. His defense claims “mental welfare” as his reason not to be extradited.  Most of his assets that were seized by the Indian government will be auctioned off. This is will be used to pay his outstanding balance with the Bank.

Bad Boy Billionaire India is available on Netflix.

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