Nirav Modi in Mumbai in 2015.(HT FILE)
Nirav Modi in Mumbai in 2015.(HT FILE)

Malavika’s Mumbaistan: From Penthouse to Repent House

Hindustan Times | By Malavika Sangghvi, Mumbai
UPDATED ON FEB 26, 2018 11:52 AM IST

While those in the know are expressing the view that the Nirav Modi scam appears to be a lost cause, with the horse having bolted from the stable with little chance of capture or compensation for the billions stolen, the case might serve as a stinging example for other stratospheric bank loan defaulters. As is known, the past years have seen a sizeable amount of business clans leading lives of unbridled excess with nary a thought that it is on borrowed money and worse, its non-payment is a criminal act. If for nothing else, at least the naming and shaming of Modi and the ensuing scandal in the media appears to have brought a semblance of shame to some of these individuals. Saturday evening at a tony SoBo dinner, one such couple, scions of a high-profile clan from the South, whose borrowings are said to either match or outstrip the jeweller’s, were spotted looking a lot less pleased with themselves than usual. The lady, on most occasions loud of behaviour and dripping with jewels, appeared to have dressed down for the occasion, leaving her usual solitaires and flamboyance at home. What’s more, the customary toadying from those enamoured of her riches amongst the Mumbai air-kissing set was relatively more restrained. “There are at least four other major business bank-borrowing scams on the verge of being exposed,” said an India Inc insider. “Top of the list is this infrastructure conglomerate whose principals are known for their buying of extravagant yachts and jets. Also, there’s this consumer goods and electronic giant, which has borrowed millions with no intention of repaying.” Will authorities catch up with them in the same manner? “No idea,” said the India Inc insider, “But at least now they might think twice before flaunting their unaccounted for toys and baubles with such impunity.”

Separated at birth? Mehul Choksi and Danny De Vito’s Penguin in Batman (HT)
Separated at birth? Mehul Choksi and Danny De Vito’s Penguin in Batman (HT)


‘PNB is conferred with the prestigious Corporate Vigilance Excellence Award: 2014-15 from the Institute of Public Enterprise, Hyderabad, for the 2nd time in succession, considering the following remarkable achievements of the bank in vigilance administration:

Introduction of vigilance audit system

New risk-based staff accountability policy

Enabling savings of huge amount by averting potential frauds, etc’

- A post on the Punjab National Bank website

Mohit Di Wedding

Even as the high and mighty clutched on to their diamonds in horror over the unfolding Nirav Modi scam, the party season continued in full glory. This week saw the start of another grand destination wedding when several Bolly folk left for Dubai to attend aspiring actor Mohit Marwah’s wedding to stylist Antara Motiwala. While the bride happens to be Tina Ambani’s niece, (her sister Bhavna’s daughter), the groom comes with significant film industry connections, being a relative of Anil Kapoor’s, resulting in the entire clan, including Anil, wife Sunita, kids Sonam, Rhea and Harshvardhan, along with Boney, Sridevi, Arjun, Maheep and Sanjay Kapoor checking into the Waldorf Astoria in Ras-al Khaimah, where almost 700 guests will attend the sangeet and wedding. And given the proximity of the bride to the Ambanis, word comes in that the bridal couple flew to their destination on the Ambani jet. Considering the Kapoors have recently been immersed in their about-to-be-released wedding caper movie, Sonam’s Veere di Wedding, this promises to be one helluva big fat Indian wedding with Band Baja Baraat and then some.

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