Explore the life and controversies surrounding Nishal Modi, younger brother of Nirav Modi. This detailed biography covers his family background, career, and involvement in the Punjab National Bank fraud case.

Biography/Wiki

Nishal Modi, also known as Neeshal Modi, was raised in Antwerp, Belgium. He actively supported his brother, Nirav Modi’s, business ventures, holding significant roles in companies like Neeshal Enterprises LLP, Panchajanya Diamonds LLP, Paragon Merchandising LLP, and Paragon Jewellery LLP. His educational background includes a Master of Business Administration (MBA) in Investment & Financial Risk Management from City, University of London.

Physical Appearance

Standing at approximately 5’6″ and weighing around 70 kg, Nishal Modi has black hair and eyes.

Family, Caste & Girlfriend

Nishal hails from a Gujarati Jain family. His father, Deepak Keshavlal Modi, is a diamond jeweler, and his mother is an interior designer. He married Isheta Salgaocar, niece of Indian business magnate Mukesh Ambani, on December 4, 2016. His maternal uncle is Mehul Chinubhai Choksi, a prominent businessman and head of Gitanjali Gems Ltd. His brother, Nirav Modi, is a well-known diamond merchant and founder of Firestar Diamond International.

Career

After obtaining his MBA, Nishal joined his brother’s company, contributing significantly to its operations. He demonstrated a keen interest and skill in financial management and business development, playing a key role in several successful projects. His expertise in risk management was invaluable to the company’s growth strategy.

Controversy

In February 2018, the Punjab National Bank (PNB) filed a major fraud complaint against Nirav Modi, alleging a massive scam of approximately Rs. 11,400 crores. Reports implicated Nishal Modi, Ami Modi (Nirav Modi’s wife), and Mehul Choksi in this fraudulent activity. The alleged fraud involved the fraudulent issuance of bank guarantees and Letters of Undertaking (LoUs) at the bank’s Mid Corporate Branch in Mumbai’s Brady House. The Directorate of Enforcement is currently handling the investigation. The case continues to unfold with significant legal ramifications.

Facts

• Enjoys reading in his free time.
• Holds significant business interests in various diamond and jewelry related companies.
• Maintained a relatively private life before the controversy surrounding his brother’s business dealings.