Nirav Modi's Diamond firm files bankruptacy in US

     Written by : SMTV24x7 | Wed, Feb 28, 2018, 12:08 PM

Nirav Modis Diamond firm files bankruptacy in US

Washington Feb 28: A major Scam has taken rocked the nation and the main accused in the diamond scam Nirav Modi has left the country.However, in a major development, the international jewelry business has filed for bankruptcy in the US.

Sources said that "Firestar Diamond, Inc filed the Chapter 11 voluntary petition in the New York Southern Bankruptcy Court yesterday."

The company has stated that "its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges and listed up to USD 100 million in assets and debt."

The company has also said that "it is desirable and in the best interests of the Company, its respective creditors, and other interested parties that a petition be filed by the Company seeking relief under the provisions of Chapter 11 of Title 11 of the United States."