Three American jewelry businesses owned by Nirav Modi, a billionaire accused of orchestrating the largest bank fraud in India’s history, received court approval to begin liquidating in bankruptcy and repaying funds to government-owned Punjab National Bank.
A trustee overseeing the Chapter 11 cases for Firestar Diamond Inc., A. Jaffe Inc. and Fantasy Inc. confirmed a plan to liquidate the companies at a Nov. 18 hearing in the U.S. Bankruptcy Court for the Southern District of New York.
The U.S. businesses made up a portion of Modi’s global diamond selling enterprise. A court-appointed examiner for the Chapter 11 cases found that ...
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