The noted jeweller has been charged by the CBI in a multi-crore cheating case amounting to Rs 280 crore involving Punjab National Bank according to NDTV. Nirav Modi, a popular jewellery brand is endorsed by actors Priyanka Chopra and Sidharth Malhotra.

According to sources, income tax officials raided Nirav Modi's offices on January 31. His offices in Delhi, Jaipur and Surat were allegedly under I-T department's scanner.

Nirav Modi is the architect of $2.3 billion Firestar Diamond.

Many noted celebrities are among his clients. Modi has designer jewellery boutiques across the globe. His designer jewellery has enamoured many upscale showrooms all over the world. His stores are in London, New York, Las Vegas, Hawaii, Singapore, Macau and Beijing. In India, Nirav Modi has stores in Mumbai and New Delhi.

The luxury diamond brand Nirav Modi jewels had appointed Priyanka Chopra as its global brand ambassador in February 2017. Priyanka was also seen in an ad campaign for the brqand's new range along with Siddhartha Malhotra. Earlier, Lisa Haydon had also done photo shoots for the popular designer brand.

According to reports, the CBI took the required action based on a complaint from Punjab National Bank which alleged that Modi, his wife Ami, his brother Nishal and Mehul Chinubhai Choksi, all partners of Diamond R US, Stellar Diamonds, and Solar Exports conspired with bank officials and cheated.

"The public servants committed abuse of official position to cause pecuniary advantage to Diamond R US, Solar Exports, Stellar Diamonds and wrongful loss of Rs 280.70 crore to Punjab National Bank during 2017," the FIR alleges.

The FIR has been registered by the CBI under Indian Penal code sections related to cheating, criminal conspiracy and provisions and Prevention of Corruption Act.