Crime

Nehal Modi Convicted of Grand Larceny

CrimeJul 19, 2022

Nehal Modi Convicted of Grand Larceny

The former Samuels CEO and brother of Nirav Modi was found guilty of fraudulently obtaining diamonds from Lev Leviev Diamonds.

2021_Diamonds-stock.jpg
Nehal Modi, the former CEO of Samuels Jewelers and brother of Nirav Modi, was recently convicted by a New York State Supreme Court of grand larceny in the first degree.
New York—Nehal Modi, the former CEO of now-shuttered Samuels Jewelers and brother of embattled diamantaire Nirav Modi, has been convicted by a New York State Supreme Court of grand larceny in the first degree.

Modi was found guilty of fraudulently obtaining more than $2.6 million worth of diamonds from New York-based wholesaler LLD Diamonds, also known as Lev Leviev Diamonds, recently made famous by its connection to the Tinder Swindler.

“This scheme unfolded in the heart of New York City’s historic diamond district, where Mr. Modi conned and defrauded a Manhattan business out of millions,” said Manhattan District Attorney Alvin Bragg, Jr. 

“Here, there was clear and conclusive evidence that Mr. Modi obtained these diamonds under false pretenses and used them for quick cash.”

In March 2015, Modi reached out to LLD, falsely stating he had negotiated a deal to sell Costco nearly $800,000 worth of diamonds, as per a release from District Attorney Bragg.

LLD allowed Modi to purchase the diamonds on credit, with full payment expected within 90 days.

Modi did not sell the diamonds to Costco, but instead pawned them the following day at Modell Collateral Loans for $450,000 for his personal gain.

From April to May 2015, Modi reached out to LLD three more times, taking an additional $1 million worth of diamonds to supposedly sell to Costco.

He made a series of payments to LLD but used most of the proceeds from the diamond sales for his own personal use and other business expenses, according to the D.A.’s office.

 Related stories will be right here … 

When the bills came due, Modi falsely stated he was having an issue with Costco but said he would pay his debt.

In August 2015, Modi once again reached out to LLD, falsely stating Costco wanted to buy more diamonds.

LLD allowed Modi to take more diamonds, on consignment this time, under the condition that Modi could not sell these diamonds without LLD’s authorization.

And, with Modi’s debt at nearly $1 million, LLD asked for a partial payment upfront.

Modi, however, had already contacted Modell Collateral Loans to set up the sale before even receiving the latest diamonds from LLD, said the D.A.

After picking up the diamonds, Modi sold most of them the same day to Modell for $300,000 and the rest to various retailers at a discount from LLD’s consignment price.

Eventually, LLD discovered the fraud and told Modi he had to either pay his debt or return the diamonds, but the diamonds were gone, as were most of the proceeds.

LLD reported the fraud to the Manhattan D.A.’s office, who handed the case to a team of investigators.

Detective Joseph Metsopulos from the NYPD’s Major Case Squad, who received the John J. Kennedy Award at the 2022 AGS Conclave, also assisted in the investigation.

Bragg advised any company or individual who believes they have been the victim of theft to call the Financial Frauds Hotline at 212-335-8900.

Modi’s lawyer Roger Bernstein told Rapaport he plans to appeal the conviction. Sentencing is set for July 22.

The Latest

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Weekly QuizJul 17, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

Rio Tinto Chief Executive Simon Trott
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at Diavik

Production at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.

Jewelers of America Learning Workship Logo
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This Fall

A new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.

Gold bracelets and bangles
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

Buccellati Opera high jewelry bracelet
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1

It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.

Rolex Datejust ref. 16233
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

Jean Dinh Van Orgue Ring
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With Exhibition

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Jake Duneier and Danielle Duneier
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth Generation

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

Boucheron Impermanence Boucheron Dragonfly Earrings and Wisteria Hair Piece
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s Impermanence

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

James Avery Cedar Park
MajorsJul 15, 2025
James Avery Expands to 2 More States

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford, Couture’s new brand director and former fine jewelry buyer at Neiman Marcus
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director

Eric Ford will step into the role, bringing with him decades of experience.

Bench jeweler holding a ring and a tool
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic Manufacturing

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

Guzema Celestial Blue
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone Jewelry

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

Nanis Mykonos Store Exterior and Interior
MajorsJul 14, 2025
Nanis Opens First Store

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

Long’s Jewelers Summer of Love promo
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s Jewelers

The New England jeweler is hosting a bridal event for the month of August.

Ethical Gem Fair
SourcingJul 14, 2025
Ethical Gem Fair Heads to Seattle

The trade-only event will host its debut fair in the Emerald City later this month.

The Edge and The Edge Retail Academy Logos
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in September

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

Miseno Arco Earrings
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ Earrings

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy