Probe Sought In Ch. 11 Tied To Alleged Indian Fraudster

By Alex Wolf (March 30, 2018, 10:00 PM EDT) -- The federal government's bankruptcy watchdog is seeking the appointment of a special examiner to investigate Indian billionaire Nirav Modi's ties to his bankrupt U.S. jewelry businesses, citing accusations that he orchestrated a $2 billion banking fraud in India.

Responding to concerns raised this week by an Indian bank claiming Modi procured more than $1 billion in unauthorized loans from the institution, U.S. Trustee William K. Harrington's office urged a New York bankruptcy judge on Friday to appoint an examiner in the one-month-old Chapter 11 case for Firestar Diamond Inc. and affiliates to ensure they are not tainted by any of Modi's...

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