Why this Kolhapuri di: India must own, defend and develop own value chains
If it is uniquely ours, it's misappropriation. For pragmatic reasons, kolhapuri has given us global recognition. We do need the world to enjoy what we have. The fashion industry in the West is a well-oiled marketing machine. If it is inspired by a saree and reinterprets it as a gown, be happy. One would be happier, though, if that success is shared with those being kept in the margins.
India may have several global billionaires, but it has only two global consumer brands. Having a large home market - by volume, not value - our desire to build world-class brands is muted. What's more, we let the world copy our creations because we fail to safeguard copyrights. Meanwhile, we continue to pay a lot when we use what we take from the world. Since 1990, India has cumulatively paid $100.8 bn, while receiving only $11 bn, in IP receipts - a net $90 bn deficit. It doesn't help that India's GI regulation is the weakest form of 'sui-generis protection mechanism', as Akriti and Pinaki Ghosh wrote in 2024 in 'Challenges in the Utilization of GI Registration for Capitalizing GI Products', in Journal of Intellectual Property Rights. Lack of enforceability dilutes 'transparency, fairness, effectiveness, and accountability - pillars of good governance', they argue.Unlike Chile (wines), Scotland (single malts), or France (champagne), our sought-after Darjeeling tea, haldi, alphonso mangoes or even basmati have lost much sheen and premium standings, bogged down in ambiguous statutory drafting, sloppy marketing and adulteration. Meanwhile, our South Asian neighbours have stolen both noise and nous.
Following the fury, at least Prada has said it will work with Indian artisans. Looking at India's homegrown creative zeitgeist, very few have done even that, without hiding behind the euphemism of 'inspiration' that is both commonplace and convenient. The issue is likely to peter out until the next controversy without ensuring that Prada actually invests in collaborations to spur the ages- old artisanship and economically uplift kolhapuri makers. None of the large Indian business groups - those even in fashion or retail - have come forward yet to safeguard their interests.Dior, on the other hand, has empowered karigars in Mexico and India, giving them due credit, making them part of the whole creative process, even sharing sale proceeds. So does Loewe through their exhaustive collabs worldwide, and Gucci when it worked with upcycled sarees as part of a sustainability project.Fendi or Bulgari engage in cultural patronage in Rome, funding restoration of iconic monuments and archaeological sites. Both feed off each other. But the truth is, in India, we rarely preserve or contemporise our traditional craftsmanship. From sarees to shoes, music to movies, we hardly prize our handlooms or history, artisans or antiquities. We do not appreciate our own, till the world appreciates it.Oddly enough, while we seek outside validation, we also get easily enraged. Satyajit Ray was 'extremely discouraged' by the initial reception of Pather Panchali in India, Kolkata included. International acclaim, starting with Best Human Document Award at the 1956 Cannes Film Festival, turned the tide. It took America-born Sally Holkar to revive Maheshwari weaves, or John Bissell to create a brand for our fabrics in Fabindia.Delhi-based Scot William Dalrymple has taken India's primordial gift for myth and narrative to make scholarship in history accessible. While the renaissance of modern Indian art owes much to Japanese businessman Masanori Fukuoka.Unless we own, defend and develop our own value chains, we shall continue to let our misplaced chauvinism get the better of us. The devil doesn't just wear Prada. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. How Balrampur Chini, EID Parry are stirring up gains amid melting sugar stocks
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Indian Express
32 minutes ago
- Indian Express
India says no to trade deal under deadline pressure; Trinidad & Tobago backs Delhi for UNSC; Gaza ceasefire soon
India abstains from signing trade deal with the US under 'deadline pressure', says open for a mutually beneficial deal; during PM Modi's visits to Trinidad and Tobago, the two sides reaffirm the need for reforms in the UN; US President Trump voices frustration over Russian President Vladimir Putin's failure to end the fighting; Hamas says it is ready to start talks 'immediately' on a US proposal for a 60-day ceasefire – here is weekly roundup of key global news. Notwithstanding the July 9 deadline for the reciprocal tariff pause, India abstains from signing a trade deal with the US under 'deadline pressure' reiterating that 'all possibilities are open' for a mutually beneficial deal. India has been negotiating with the US to eliminate the 26 per cent reciprocal tariff imposed on April 2. As Indian trade negotiators returned from the US on Friday, a government official described sustained access for labour-intensive goods (such as textiles and footwear), auto component exports, and steel as key interests in the India-US negotiations. In addition, agriculture and dairy sectors, where India has drawn 'very big red lines', emerged as sticking points, with the US demanding access to the Indian market for genetically modified (GM) products. What are the other points of difference that averted a trade deal, and what are the future prospects? Let's explore. India has drawn 'red lines' around politically sensitive agriculture and dairy sectors and has imposed both tariff and non-tariff restrictions on certain goods, including corn, ethanol, and soybeans. It has managed to shield its dairy sector because of at least two major reasons: one, the sector employs more than 80 million people, many of whom are smallholders; and two, there are concerns that foreign dairy products intended for food may be derived from animals fed with internal blood meal, a high-protein feed made from animal blood. As far as soyabean and corn are concerned, it is argued that imports are unlikely to suit India's soybean industry, which has a strong foundation in Madhya Pradesh and Maharashtra. Similarly, millers are not too pleased about importing genetically modified corn as a feedstock for fuel ethanol. In addition, labour-intensive sectors such as textiles and footwear are among India's top demands in trade negotiations. It has sought lower tariffs in the textile trade in the US, similar to those offered to other FTA partners. India has also sought zero tariffs on electronic items exports, even as US President Donald Trump warned Apple of a 25 per cent tariff if it sold in the US iPhones built in India or anywhere else. Apple currently produces nearly 15 per cent of all iPhones in India, and plans to increase that to a quarter. India also aims to remove the US's additional duties on goods such as steel, aluminium, and auto components. In addition to the elimination of reciprocal tariffs, it has sought guarantees of no future tariffs. Moreover, New Delhi is seeking that the Trump Administration maintain a 'steady tariff differential' of 10-20 per cent between US tariffs on China and India, which is also a key reason to clinch the deal. This gives Indian traders an advantage over Chinese competitors and mitigates some of India's structural downsides, including infrastructural bottlenecks, logistics woes, and high interest costs. However, it may be noted here that this would hinge on how China leverages its dominance in rare earths to influence US tariff decisions. The growing concerns over Beijing's dominance in resources vital to new technologies were underscored at the recent Quad Foreign Ministers' meeting, where the grouping announced a Critical Minerals Initiative to 'collaborate on securing and diversifying' supply chains. The US has pushed hard for a broad-based opening of Indian sectors, from automobiles and whisky to agricultural items such as apples, corn and soya among others, as well as dairy. It has demanded the removal of a crucial regulation regarding dairy to sell its genetically modified (GM) products, resulting in tense discussions and even triggering protests from voices back home. The US eyes the Indian market amid a recent report by the US Department of Agriculture, which suggests that India's consumption of animal products (milk, eggs, fish, and meat) is likely to increase with population growth and rising per capita GDP. This could, in turn, boost demand for feed and create opportunities for US exports of these commodities (corn and soybeans) by the early 2030s, the report says. Moreover, the US sees India as a large market for its corn, soyabean and cotton amid the decline in exports of these products to China, which was its largest corn importer at $5.2 billion in 2022. Although India has said that the trade deal with the US will be signed when it is mutually beneficial, the two countries remain committed to more than double their bilateral trade to $500 billion by 2030. India is said to focus on areas where it has a competitive edge. Indian officials have indicated that diversifying oil and defence procurement is in the country's strategic interest, and that sourcing more from the US could significantly help bridge the goods trade gap. India's oil imports from the US have already jumped over 270 per cent year-on-year in the first four months of 2025. Moreover, in recent years, New Delhi and Washington have forged closer defence, technology, and diplomatic ties in a shared front against China. There is greater receptiveness now within India's policy circles to cut tariffs on some industrial goods, including automobiles, and some agricultural products of interest to Americans such as apples, almonds, walnuts, avocados and spirits. There is also more openness on the GM foods issue too. The NITI Aayog, in its Working Paper, has proposed that India import GM maize and soybeans, with the former as a feedstock for ethanol production, and the latter to extract oil for domestic consumption. In both cases, it calls for the export of their byproducts in their entirety – distiller's dried grains with solubles (maize) and de-oiled cakes and meals (soybean). It also called for concessions on agricultural products from the US such as edible oils and nuts where domestic supply gaps exist, and duty concessions to boost high-performing exports such as shrimp, fish, spices, rice, tea, coffee, and rubber. Additionally, the chances of India becoming the biggest market for the US are, perhaps, higher in cotton than in soyabean or corn. And it may be argued that duty-free imports of raw cotton can boost India's textile and apparel exports to the US itself, which stood at $10.8 billion in 2024. Notably, India-US trade negotiations have wrapped up for now, even as New Delhi strengthens its global diplomatic footprint. Support for India's permanent membership in the expanded United Nations Security Council (UNSC) and a shared commitment to fight terrorism are among the announcements made during Prime Minister Narendra Modi's visit to Trinidad and Tobago, the first by an Indian Prime Minister since 1999. The two countries inked six agreements to boost cooperation in several sectors, including infrastructure and pharmaceuticals, following talks between Prime Minister Modi and his counterpart from Trinidad and Tobago, Kamla Persad-Bissessar. The two leaders also delved into pressing global issues and reaffirmed the need for comprehensive reforms in the United Nations, including expansion of the UN Security Council, to better reflect current realities. The Caribbean nation also extended support to India's membership in the expanded UNSC. Modi and Bissessar called for dialogue and diplomacy as the way forward amid rising geopolitical tensions and global conflicts, and underlined the need for greater cooperation to deal with contemporary challenges such as climate change, disaster management, and cybersecurity. Prime Minister Modi also lauded the contribution of Indian-origin people to Trinidad and Tobago's development journey, and announced a decision to issue Overseas Citizenship of India (OCI) cards up to the sixth generation of the Indian diaspora in the country, where over 40 per cent of the population is of Indian origin. Earlier on Friday, the Prime Minister addressed the parliament of the Caribbean nation and spoke about the cricket connection between the two countries. He also reiterated his offer to train aspiring young women cricketers from Trinidad and Tobago in India. PM Modi expressed appreciation for Trinidad and Tobago's strong support and solidarity to the people of India in the wake of the Pahalgam terror attack, as the two leaders reaffirmed their commitment to fight terrorism in all its forms and manifestations. Modi is currently on a five-nation tour, which began with his visit to Ghana where he was honoured with Ghana's national award, 'The Officer of the Order of the Star of Ghana,' in recognition of his 'distinguished statesmanship and influential global leadership'. Four Memorandums of Understanding (MoUs) were signed, including in the areas of cultural exchange and traditional music. In his joint press statement following talks with John Mahama, the President of Ghana, Prime Minister Modi announced that they have decided to give India-Ghana ties the form of a Comprehensive Partnership. After Trinidad and Tobago, PM Modi has reached Argentina for the next leg of his tour. Later, he will attend the BRICS Summit in Brazil, and visit Namibia on his return. Russia launched the largest aerial assault on Ukraine in the over three-year long war amid reports that Moscow has been using banned chemical weapons in Kyiv, while US President Donald Trump voiced frustration over Russian President Vladimir Putin's failure to end the fighting. Russian forces have used increasing numbers of drones to target Ukrainian cities, with a record total of 539 drones and 11 missiles deployed against Kyiv on July 4, Reuters reported, citing the Ukrainian air force. Russia also downed dozens of Ukrainian drones in widely dispersed parts of the country, including two near the second-largest city of St Petersburg. Meanwhile, Dutch and German intelligence agencies said Russia's use of chemical weapons in this war is 'becoming more normalised, standardised, and widespread', with Dutch Defence Minister Ruben Brekelmans calling for tougher sanctions against Moscow, reported Reuters. The US first accused Russia of using chloropicrin, a chemical compound more toxic than riot control agents and first used by Germany during World War I, in May last year. Ukraine also alleges thousands of instances of Russian chemical weapons use. Hours after Thursday's attack by Russia, Ukrainian President Volodymyr Zelenskyy had a phone call with Trump, following which the US President said Ukraine would need Patriot missiles for its defence, Reuters reported. Commenting on the prospect of a ceasefire, Trump said, 'It's a very tough situation… I was very unhappy with my call with President Putin. He wants to go all the way, just keep killing people – it's no good.' Russia invaded Ukraine in February 2022, claiming it was needed to protect Russian-speaking civilians in eastern Ukraine and prevent the country from joining the North Atlantic Treaty Organization (NATO). Notably, Trump has ruled out the possibility of Ukraine joining NATO and even halted shipments of weapons and military aid to it. Since 2022, every NATO summit has committed to aiding Ukraine in its war against Russia. Most NATO countries view Russia as a direct and immediate threat. All the while, Israel continues to kill starving Palestinians as Hamas said it is ready to start talks 'immediately' on a US proposal for a 60-day ceasefire, prompting US President Trump to say there could be a deal by next week. At least 50 Palestinians were killed in Gaza as Israeli forces again target people waiting for food, Al Jazeera reported, while the UN said on July 5 that it had recorded at least 613 killings both at aid points run by the US- and Israeli-backed Gaza Humanitarian Foundation (GHF) and near humanitarian convoys run by other relief groups, including the UN. The United Nations has criticised the GHF, which began distributing aid at the end of May following a three-month Israeli blockade on Gaza, for bypassing the UN-led system and violating humanitarian impartiality rules. Meanwhile, Hamas responded in 'a positive spirit' to the Gaza ceasefire proposal, brokered by the US and mediated by Egypt and Qatar. Trump had earlier said that Israel had agreed 'to the necessary conditions to finalise' the ceasefire, which envisages a release of hostages and negotiations on ending the conflict. According to Gaza's Health Ministry, at least 57,268 people have been killed and 135,625 wounded in Israel's devastating war on Gaza since October 2023, when Hamas attacked Israel, killing over 1,100 people and taking 251 hostage. In the meantime, the West Bank, occupied by Israel since the Six-Day War in 1967, has become a 'big prison' as Israel fences it in, Reuters reported. Walls and checkpoints erected by Israeli forces have long been a part of day-to-day life for the nearly 3 million Palestinian residents of the West Bank. But many now say that a dramatic increase in such barriers since the start of the war in Gaza has put towns and villages in a state of permanent siege. Experts like Talmiz Ahmad, a former ambassador to Oman, the UAE and Saudi Arabia, had underlined a number of provocations in the run up to the October 7 attack by Hamas, which included the surge in attacks on Palestinians in the West Bank. Send your feedback and ideas to
Business Standard
an hour ago
- Business Standard
Unity for Growth: Leaders Unite for a Developed India Vision
PNN New Delhi [India], July 5: The National Conference on Unity for Growth - A Collective March Towards Viksit Bharat, held on 03rd July 2025 at Bharat Mandapam, proved to be a groundbreaking and thought-provoking forum that united leaders from across the nation. Organized by Brand Vista Consulting, this landmark event brought together prominent policymakers, business leaders, social innovators, and youth change agents who collectively reinforced a shared vision for a developed, inclusive, and self-reliant India by 2047. The event was inaugurated in the esteemed presence of Shri Syed Shahnawaz Hussain Ji, Former Union Minister and Member of Parliament, who shared his passionate vision of holistic development for India. In his keynote address, he emphasized the power of unity, inclusive growth, and collaborative leadership, saying, "A Viksit Bharat cannot be built in isolation--it requires collective ownership of progress by every citizen and sector." The theme of the conference, "Unity for Growth", was powerfully reflected in the message shared by the organizers. Grounded in the spirit of "Vasudhaiva Kutumbakam - The World is One Family," the conference emphasized collaboration over competition, encouraging industries, institutions, and individuals to embrace a more humanitarian and cooperative approach to nation-building. Dynamic Panels & National Dialogue The conference featured two high-impact panel discussions that sparked deep and forward-looking conversations: * Panel 1: One Nation, One Vision - Building Unity in Diversity * Panel 2: Building Viksit Bharat @ 2047 - The Transformative Role of Industries in Driving Growth, Inclusivity & Sustainability These sessions brought together voices from governance, business, and civil society to discuss strategies for inclusive development, community engagement, industrial growth, and the sustainability agenda. Voices from the Ground: Perspectives that Moved the Nation A special address was delivered by Mr. Sanjay Goyal, MLA, Shahdara, who reminded delegates that "contributing to society at all levels--be it through social welfare, responsible entrepreneurship, or inclusive governance--is essential to the overall development of the nation." His message resonated strongly with the audience and added a grassroots perspective to the conference narrative. Mr. Vikas Chaudhary, Chairperson, Swadeshi Jagran Manch, also delivered an impactful talk. He stated, "The first step toward Atmanirbhar Bharat begins with embracing and promoting Indian-made products. 'Make in India' should not just be a slogan, but a movement." His call to support local industries echoed the sentiments of many delegates advocating for economic nationalism and self-reliance. The conference brought together people from diverse walks of life--from government officials and corporate leaders to educators, artists, digital influencers, and social entrepreneurs. Their diverse experiences converged into one purpose: building a resilient, empowered, and unified India. Some of the prominent participating and winning personalities included: Mr. Girish Luthra, Chairman, Luthra Group, Mr. Dhruv Luthra, Managing Director, Luthra Group, Mr. Krishnakumar Srinivasan, MD & CEO, Shriram Pistons and Rings, Mr. Nirvaan Birla, Managing Director, Birla Open Minds, Dr. Deepak Shenoy, Founder & Managing Director, Medec Medicare Limited, Mr. Siddhartha Havelia and Mr. Ankit Jain, Co-Founders, Mercurius Advisory Services, Mr. Rahul Saxena, General Manager - Sales, Tata Bluescope Steel, Mr. Srikanth Appana, CTO, Bajaj Auto Credit, Mr. Avneesh Sood, Director, Eros Group, Ms. Akkineni Keerthi, Co-Founder, Innopay Technologies, Mr. Peter and Ms. Mary, Founder, St. Joseph's School, Dr. Shalya Raj, CEO, Swami Vivekanand Subharti University, Col. Rajeev Mannali, CEO, Sree Uthradom Thirunal Hospital, Mr. Saket Gaurav, Chairman and Managing Director, Elista and Tekno Dome Group, Dr. Sanjay Agarwal, Founder, SA Associates, Dr. Bikash Sharma, President and Founder Trustee - International Academic and Management Association (IAMA), Ms. Rabiaah Bhatia, Celebrity Anchor, Tedx Speaker, Lifestyle Model, Mentor of Change@Niti Aayog & MD - eD WebStudio Channel SpeakIn, Dr. Dharmesh Shah, Founder & CEO, Freyaa, Mr. Binu Pillai, Director, SGJ Group, Mr. Shyam Gupta, CEO, Guidance Forever, Mr. Amit Pandey, Founder, PR Panda Promotions, Mr. Ajay Raipal, CEO, Aspesis Marketing and Mr. Deepak, IBC Pharmaceuticals for Skin Seal, Ms. Vandana Saxena, CEO & Founder and Mr. Amitabh Srivastava, Co-Founder & Managing Partner, Voyage Ahead Solutions LLP, CA Abbas Mehdi Rizvi, Managing Partner, AZR Consulting, The BroadSheet News, Dr. Mangesh, Managing Director, CHDNLR, Mr. Harneet Singh, Founder & Chief AI Officer, Rabbitt AI, Mr. Munish Jindal, Founder & CEO, Hoverrobotix and Director General - Lucrate, Mr. Siddharth Sharma, Co-Founder, Money Tree, Mr. Sumit Kanu, Founder and Growth Officer at Railway Academy, Dr. Nikhil Srivastava, Dean & Principal, Subharti Dental college & Hospital, Flexcon Altius, Dr. Nancy Juneja, Founder, REVUP Life Skills, Global Chairperson - MentorX and CEO - Lucrate Ventures, Ms. Chhavi Mehta, Founder, Young Authors Launchpad Academy, Mr. Maheshwar Dangwal, Vice President, Quess Corp Limited, Dr. Amit Arya, Vice Chancellor, Dada Lakhmi Chand University, Ms. Sujata Biswas, Co-Founder, Suta, Ms. Anju Khurana, Founder & Principal, Shree Jee Global School, Mr. Dinesh Baghel, Social Activist, Mr. Vivek Tiwari, Founder & CEO, Digital Script, Mr. Manoj Dhanda, Founder & CTO, Utho, Mr. Prashant Gupta, Founder & CEO, Simpono Gadgets, Mr. Sartaz Ahmed, Influencer and YouTuber, Mr. Yogi Yogendra, Technical Yogi, Influencer and YouTuber, Ms. Richa Maheshwari, Fashion Photographer, Film Maker and Influencer, Ms. Lovely Singh (also known as Jagpreet Kaur), Model ,Choreographer and Content Creator, Mr. Sumit Kanu, Founder and Growth Officer at Railway Academy, Ms. Neelima Thakur, Renowned Writer, Journalist and Content Creator, Ms. Dishi Bhatnagar, Entrepreneur and Influencer, Ms. Bhakti Dubey, Professional Model and Business Woman, Ms. Anshu John, Model and Influencer, Mr. Vikas Chaudhary, Chairperson, Swadesi Jagran Manch, Ms. Janhavi Panwar, The Wonder Girl of India, etc.... and dozens more from diverse sectors making meaningful contributions to India's growth story. Impact Beyond the Event: A Roadmap for Viksit Bharat @ 2047 Beyond discussions, this conference became a platform of action--where policymakers, business leaders, women leaders, innovators, educators, and youth shared real, practical solutions and success stories. Together, they began crafting a collective roadmap for achieving the dream of Viksit Bharat by 2047, focusing on pillars like: - Inclusive industrial development - Sustainability and climate consciousness - Women's leadership and empowerment - Education and digital skilling - Support for startups and local businesses - Cultural unity and national pride This diverse and inclusive gathering reinforced the belief that India's future lies not in silos, but in shared goals and collaborative action. Major Launch: Influence 360 - A Global Business Magazine A significant milestone of the event was the launch of Influence 360--a cutting-edge global business magazine aimed at showcasing the achievements and initiatives of governments, institutions, and industries across the world. Influence 360 will serve as a high-impact media platform to promote leadership narratives, policy transformations, and innovation-driven growth, connecting business and governance communities globally. It stands as a celebration of influence, ideas, and impact. As the curtains came down on the National Conference on Unity for Growth, it became evident that the spirit of unity is India's greatest strength. The platform succeeded not only in bringing together leaders but also in igniting a movement. The energy, ideas, and alliances formed at this forum will continue to shape the path ahead.
Time of India
an hour ago
- Time of India
Who is Nehal Modi? Nirav Modi's brother arrested in PNB fraud case
Nehal Modi , the younger brother of fugitive businessman Nirav Modi , was arrested in the United States on July 4, following an extradition request by Indian authorities. His arrest, confirmed by the U.S. Department of Justice, came after a joint requisition by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). He faces two primary charges: money laundering under the Prevention of Money Laundering Act (PMLA), 2002, and criminal conspiracy under the Indian Penal Code (IPC). Nehal is a key accused in the Rs 13,000 crore Punjab National Bank (PNB) scam—one of the biggest financial frauds in India's history. Background and Alleged Role Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Nehal Deepak Modi, 46, was born and brought up in Antwerp, Belgium. Fluent in English, Gujarati, and Hindi, he is accused of playing a crucial role in the fraud alongside his brother Nirav Modi and uncle Mehul Choksi. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo According to investigators, Nehal facilitated the movement and concealment of illicit funds through fake companies and cross-border transactions. His network allegedly obtained fraudulent Letters of Undertaking (LoUs) from PNB to divert nearly Rs 6,498 crore, while Choksi used a similar modus operandi for the rest of the scam. Authorities say Nehal Modi assisted Nirav after the scam was exposed, including attempts to destroy evidence and intimidate directors of Dubai-based shell companies used to mask illegal trade. Live Events The ED alleges that Nehal, along with Mihir R. Bhansali (a close aide of Nirav Modi), transported around 50 kg of gold and large sums of cash from Dubai. He also instructed dummy directors to conceal his name during questioning by Indian authorities. Listed as Accused No. 27 in the CBI's supplementary chargesheet, Nehal is alleged to have orchestrated the destruction of electronic data and servers after relocating employees from Dubai to Cairo. These individuals reportedly signed false declarations of ownership for companies in Dubai and Hong Kong. These shell firms purportedly engaged in fake trade with Nirav Modi's entities—Diamonds R Us, Solar Exports, and Stellar Diamonds. These companies secured illegitimate buyer's credit from foreign banks using fake LoUs issued by PNB's Brady House branch in Mumbai. What's Next A status conference is scheduled for July 17, 2025, in the U.S. While Nehal Modi may seek bail, American prosecutors have expressed their intent to oppose his release.
