The Missing Billions | The Diamond King, Ep 2

Nirav Modi orchestrated a massive financial fraud against India’s Punjab National Bank, siphoning approximately $1.3 billion through a sophisticated scheme involving fraudulent Letters of Undertaking. By establishing a global network of shell companies, Modi engaged in "round-tripping"—repeatedly trading diamonds between his own entities at artificially inflated prices to create the illusion of a flourishing business. This facade allowed him to secure continuous bank funding without providing collateral, aided by a complicit deputy bank manager. The scheme collapsed in 2018 following the manager's retirement and the subsequent audit of the bank's books. As authorities uncovered the depth of the deception, Modi and his uncle, Mehul Choksi, vanished, leaving behind a trail of bankruptcy and a global investigation into one of the largest banking frauds in history.