Hong Kong staff of Indian jewellery brand Nirav Modi ‘fear for future’ as fraud allegations swirl around billionaire founder
Modi, ranked by Forbes as India’s 85th richest man with a net worth of US$1.74 billion, is said to have defrauded Punjab National Bank of US$1.8 billion
All Hong Kong stores of Indian luxury jewellery brand Nirav Modi were still open for business on Saturday amid allegations surrounding its billionaire founder over a US$1.8 billion (HK$14.08 billion) banking fraud, although local staff expressed concerns over their future.
Employees at all three local branches declined to comment on the incident, but it was understood many were concerned about the scandal.
“Staff said they were aware of the incident and that stores in India had closed. They were worried the stores in Hong Kong would have to close down sooner or later,” a source familiar with the situation said.
When a Post reporter approached employees at the three stores and disclosed her identity, staff immediately said they would not comment.
