Nirav Modi Singapore store attracts higher traffic following fraud scandal
As the diamond jewellery tycoon Nirav Modi still refuses to return to India to aid in the fraud investigation in which he is implicated, his Singapore retail outlet is attracting visitors.
Nirav Modi has yet to return to India despite being summoned twice by the Central Bureau of Investigation (CBI) to aid in the ongoing fraud investigation where he is accused of fraud at the Punjab National Bank (PNB). The fraud total, which has risen to over 12,300 crore rupees (approximately 1.9 billion US dollars), is linked to both Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.
As part of the investigation, the CBI has seized assets from both Modi and Choksi’s estates including jewellery and luxury cars. Stores have been shut in India and the brand’s social media sites have been silent since news of the investigation broke. However, the Nirav Modi jewellery store in Singapore is still open.
The Nirav Modi retail outlet in Singapore is located in the Marina Bay Sands Complex, a casino, convention, and exhibition complex. The Economic Times Retail reported on March 15 that sales executives working for other stores in the Marina Bay Complex had seen large numbers of people of Indian origin visiting the Nirav Modi store and taking photos. It was also reported that the store is still appearing to have sales as normal despite the scandal.
Nirav Modi, who launched his eponymous brand in 1999, went international five years later and now has retail outlets worldwide including in Mayfair in London, Hong Kong, and Macau. It is unclear what will happen to these stores as the fraud investigation continues.
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