Nirav Modi fled India on Jan 1

The family owns residential and commercial properties all over India but their businesses are based in different parts of the world. A flat owned by Ami in Mumbai has already been sealed by the Enforcement Directorate. Most of Nirav Modi’s operations were in Antwerp, Belgium, and China. Like others in the diamond trade, he and his associates may have been buying and selling diamonds within his family. The genuineness of the trades would be difficult to ascertain since the operations are based abroad.

 “Nirav has opened stores in New York, Las Vegas, Singapore and London though he had been concentrating on China in the past few years,” said a source in the diamond trade. Only last week, a Nirav outlet was opened at Macau. There are two more stores in the former Portuguese enclave and four more in Hong Kong. He had been raising funds from investors with the promise of opening 100 stores in major cities of the world by 2020. His companies had been buying prime properties in Mumbai, Delhi and Bengaluru as part of its expansion plans.