New York based Parag Diamonds Inc has been determined the winning bidder of one of Nirav Modi’s companies, A Jaffe. The auction was held on May 3.
A Jaffe is a century-old jewellery brand that Nirav Modi acquired through Synergies Corporation, which held 95% stake in A Jaffe. Founded in 1892 by Abraham Jaffe, A Jaffe is famous for its diamond rings.
According to information submitted by A Jaffe to the US Bankruptcy Court in New York, total four qualified bidders participated in the auction process.
A Jaffe’s financial records are crucial from investigation point of view as two of its UAE based unsecured creditors, Pacific Diamonds and Tricolor Diamonds FZE, are also mentioned in the FIR filed by Central Bureau of Investigation (CBI) in the Punjab National Bank (PNB) scam.
According to CBI FIR these two UAE-based companies were alleged beneficiaries of the Letters of Understanding issued by PNB staff.
Parag Diamonds is headed by Indian-American diamond businessman Panna Jain and also operates under the name Paramount Gems. Parag Diamonds has operations in US, Europe and India and has been in this business since seven generations. Parag Diamonds has not responded to questions sent by India Today yet.
Two other Nirav Modi’s companies in US — Firestar Inc and Fanatcy Inc are now left to face the auction. Last week their auction was delayed for an unspecified time.
Another firm named Flourish City Holdings Ltd. was determined to be the backup bidder following the auction held in New York.
Courtesy: India Today/ Image: DNA
