New Delhi: Nirav Modi not only relied upon public sector banks (PSBs) to make quick money but also adopted other unethical means to make himself in the list of billionaires overnight. Sirf News, in its investigation, found that diamond firms run by Nirav Modi and Mehul Choksi targeted high-end car buyers in a big way to make quick money.
According to information accessed by Sirf News, under this scheme, diamond czar Nirav Modi, his relative and business partner Mehul Choksi and others, targeted the buyers of luxurious cars like Mercedes, Audi, BMW and Jaguar. He tied up with the owners of these luxurious cars’ showrooms.
After the sale of the car, just before its delivery, in the showroom itself, their agent would start conversing with the buyer. After congratulating the buyer for his/her new car, Nirav’s agent would give them a ‘high value’ coupon to get a diamond ring from Nirav’s diamond showroom, with a condition that he should visit the showroom along with his wife.
Sources said this was the time when the real game of trapping would begin.
From that day, the customer care department of his company would make regular calls to that buyer until he, along with his wife, turns up at his showroom. The moment that potential customer entered the showroom, they would treat them like one would accord a welcome to a royal family and, in a way, try to sweep them off their feet. Now, in place of showing the diamond ring worth the coupon, they would lure them with diamond jewellery many times the price of the promised gift, claiming that they would give an extra discount after deducting the value of the coupon. The idea behind inviting the buyers along with their wives was their perceived weakness of women towards jewellery.
Sharing his experience, a leading lawyer, who didn’t want to reveal his name, told this correspondent that he was given a coupon worth Rs 2 lakh to get a diamond ring from Nirav’s diamond showroom when he bought a Mercedes car recently. “They insisted that my wife accompanied me to their diamond showroom. When we reached there, they spent a lot of time in vacuous sweet talk. Then, they started showing us high – value diamond -studded ornaments, worth 5 lakh, 8 lakh, 10 lakh and so on. Despite my repeated requests that I am no more interested in other rings of high value and that I would like to redeem my coupon, they kept luring my wife to go for a high – value diamond ring. They were almost successful in convincing my wife to buy a ring of their choice by offering an extra discount after adjusting the coupon value. Even my wife started pestering me, as we don’t buy diamond rings every day and it was a great opportunity to buy a high-value ring. Somehow, I managed to dissuade her, explaining that diamond has no after-sales value. And this showroom was also not ready to buy back the ring in the future, just ready to either exchange the ring by further paying the difference money or go for cheaper versions without returning the difference money.”
He further said that, with his experience, he was sure that the items cost less in the market; the showroom price was 3-4 times higher, an attempt to make money from rich people. They assume those who owned cars like Mercedes or BMW would not mind buying expensive diamond rings, especially under pressure of their wives and an ’aura’ of value created by them created by them.
This reporter contacted some more recent high-end car buyers, who also had almost the same experience. “ Since Nirav is now controversial, I can make out that he was involved in big-time cheating. I had purchased a high -value diamond ring from his shop. I was told that the showrooms are closed. Now, I have no choice but to keep that ring with me.”