Nirav Modi, the erstwhile diamond magnate, finds himself with a meager balance of under $3 in his company’s bank account.
Firestar Diamond International Pvt. Ltd. (FDIPL) currently maintains a slender balance of Rs 236 (equivalent to $2.85). This follows a substantial transfer of nearly $300,000 by Kotak Mahindra Bank, directed toward the settlement of income tax liabilities.
Modi, aged 51, stands accused of orchestrating a fraudulent utilization of letters of undertaking extended by Punjab National Bank (PNB) as part of an alleged fraudulent scheme totaling $1.85 billion.
In a last-ditch endeavor last November, he appealed against his extradition from a detention facility in the United Kingdom to India, where he would face trial. During the appeal, he disclosed his struggles with suicidal thoughts to the court. Subsequently, the appeal was unsuccessful.
Modi’s departure from India took place in early 2018, coinciding with the emergence of the alleged scam. His subsequent arrest unfolded in London in March 2019.
This year, an auction was conducted for jewelry, real estate, and other assets linked to Firestar. Additionally, Modi’s presence in court has been noted due to his failure to meet the legal expenses associated with his extradition battle.
