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Business

Indian diamond mogul Nirav Modi loses sparkle

Jeweler's aggressive expansion plan hit hard by alleged $1.8bn fraud

MUMBAI -- Huge hoardings on Mumbai's Peddar Road, which winds through one of the most high-class residential districts of the city, show larger-than-life images of former Victoria's Secret model Rosie Alice Huntington-Whiteley and actress Priyanka Chopra posing for luxury jewelry brand Nirav Modi.

Famous actresses including Kate Winslet and Viola Davis have shown off the Indian brand's dazzling earrings and necklaces. If everything had gone according to plan, there would have been 100 Nirav Modi stores selling rare, limited edition diamond jewelry at high street locations worldwide by 2025, with brand owner Firestar Diamond entering the primary market to raise funds through an initial public offering.

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