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Billionaire Jeweler to the Stars Navid Modi Vanishes Amid Bank Fraud Accusations

Authorities have taken possession of a Rolls-Royce, a Porsche and other properties of his worth about $81 million in total

The search is on for a billionaire jeweler whose diamonds have been worn on the red carpet by celebrities like Kate Winslet and Dakota Johnson after the man was accused in two fraud schemes, Reuters reported.

An Indian state-run bank alleged that Nirav Modi, whom Forbes has said is worth $1.8 billion, helped defraud one of the bank's branches of about that much money going back to 2011. The Punjab National Bank also accused Modi of taking part in another, smaller fraud scheme.

India's Central Bureau of Investigation has been looking for Modi since Feb. 4, and authorities have taken possession of a Rolls-Royce, a Porsche and other properties of his worth about $81 million in total.

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A lawyer for Modi has denied that Modi committed any wrongdoing, and his flagship company, Firestar Diamond, said it had no involvement in the case.

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