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18-10509-Shl Doc 1410 Filed 02/25/20 Entered 02/25/20 21:08:30 Main Document Pg 1 of 147 18-10509-shl Doc 1410 Filed 02/25/20 Entered 02/25/20 21:08:30 Main Document Pg 1 of 147 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Chapter 11 FIRESTAR DIAMOND, INC., et al. No. 18-10509 (SHL) Debtors. (Jointly Administered) RICHARD LEVIN, Chapter 11 Trustee of FIRESTAR DIAMOND, INC., FANTASY, INC., Adv. Proc. No. _________ and OLD AJ, INC. f/k/a A. JAFFE, INC., Plaintiff, v. AMI JAVERI (A/K/A AMI MODI); PURVI MEHTA (A/K/A PURVI MODI); NEHAL MODI; NEESHAL MODI; CENTRAL PARK REAL ESTATE, LLC; CENTRAL PARK SOUTH 50 PROPERTIES, LLC; TRIDENT TRUST COMPANY (SOUTH DAKOTA) INC., solely as Trustee of the ITHACA TRUST; TWIN FIELDS INVESTMENTS LTD.; AURAGEM COMPANY LTD.; BRILLIANT DIAMONDS LTD.; ETERNAL DIAMONDS CORPORATION LTD.; FANCY CREATIONS COMPANY LTD.; HAMILTON PRECIOUS TRADERS LTD.; SINO TRADERS LTD.; SUNSHINE GEMS LTD.; UNIQUE DIAMOND AND JEWELLERY FZC; WORLD DIAMOND DISTRIBUTION FZE; VISTA JEWELRY FZE; EMPIRE GEMS FZE; UNIVERSAL FINE JEWELRY FZE; DIAGEMS FZC; TRI COLOR GEMS FZE; PACIFIC DIAMONDS FZE; HIMALAYAN TRADERS FZE; UNITY TRADING FZE; FINE CLASSIC FZE; DG BROTHERS FZE, Defendants. COMPLAINT TO AVOID AND RECOVER ACTUAL FRAUDULENT TRANSFERS AND FOR DAMAGES FOR CONSPIRACY TO VIOLATE THE RACKETEERING INFLUENCED CORRUPT ORGANIZATIONS ACT 18-10509-shl Doc 1410 Filed 02/25/20 Entered 02/25/20 21:08:30 Main Document Pg 2 of 147 TABLE OF CONTENTS NATURE OF THE ACTION ..................................................................................................................... 1 JURISDICTION AND VENUE ................................................................................................................. 3 THE PARTIES & OTHER RELEVANT ENTITIES ................................................................................ 4 I. The Debtors and Trustee .............................................................................................................. 4 II. The U.S. Affiliates ......................................................................................................................... 4 III. The Defendants ............................................................................................................................. 5 BACKGROUND ......................................................................................................................................... 7 I. The Bank Fraud. .......................................................................................................................... 10 A. Mechanics of the Bank Fraud ................................................................................................ 10 B. The Debtors’ and U.S. Affiliates’ Role in the Bank Fraud ................................................. 16 C. Involvement of U.S. Entities’ Directors and Officers in the Bank Fraud ........................ 17 D. Involvement of Mehul Choksi, Nehal Modi, Neena Sheth, Deepak Sheth, and Abhay Javeri, and the Sheth Entities and SDC Entities in the Bank Fraud. ................... 27 E. Laundering of Funds Through Twin Fields and Bailey Banks & Biddle ........................ 30 F. Detection and Exposure of the Bank Fraud ........................................................................ 33 II. Criminal Efforts Shortly Before and Following Exposure of the Bank Fraud .................... 36 A. Looting of the Debtors, U.S. Affiliates, and Other Firestar Entities ................................ 36 B. Fraudulent Omissions, Misstatements, and Misrepresentations Made in Connection With The Debtors’ Chapter 11 Cases .............................................................. 46 C. Other Efforts to Cover Up and Frustrate Investigation of the Bank Fraud .................... 50 D. Money Laundering to Modi Family Members Prior to Exposure of the Bank Fraud .. 54 CLAIMS FOR RELIEF ............................................................................................................................. 70 COUNTS.................................................................................................................................................... 70 PRAYER FOR RELIEF ........................................................................................................................... 139 18-10509-shl Doc 1410 Filed 02/25/20 Entered 02/25/20 21:08:30 Main Document Pg 3 of 147 Plaintiff Richard Levin, not individually but solely as chapter 11 trustee (“Trustee” or “Plaintiff”) for Debtors Firestar Diamond, Inc., Fantasy, Inc., and Old AJ, Inc. f/k/a A. Jaffe, Inc. (collectively, the “Debtors”) and as holder of a judgment jointly and severally against, and as assignee of all claims of, Synergies Corporation (“Synergies”), Firestar Group, Inc. (“FGI”), Firestar Diamond International, Inc. (“FDII”), Nirav Modi, Inc. (“NMI”), and AVD Trading, Inc. (“AVD”) (collectively, the “U.S. Affiliates,” together with the Debtors, the “U.S. Entities”) for his Complaint alleges as follows: NATURE OF THE ACTION 1. The Trustee brings this action, consisting of both estate claims and claims assigned to the Trustee by U.S. affiliates, to recover damages suffered as a result of the Modi family’s nearly decade-long racketeering conspiracy lasting from at least 2010 to mid-2018 (the “Relevant Period”). The conspiracy resulted in the diversion of hundreds of millions of dollars of assets for the benefit of the Modi family members and other conspirators, the collapse of the U.S. Entities, and the resulting loss of the value of the U.S. Entities’ businesses. Each of the Defendants joined and supported the Modi family’s racketeering conspiracy as it morphed from bank fraud and money laundering to obstruction of justice and looting. 2. Nirav Modi’s sister, Purvi Mehta, agreed to act as the beneficial owner of numerous shell companies Nirav Modi used to commit the largest bank fraud in Indian history. Mehta then personally laundered over $100 million of the ill-gotten proceeds through the Modi family’s web of shell companies, family trusts, family members, and otherwise-legitimate businesses—destroying those businesses in the process. 3. Nirav Modi’s wife, Ami Javeri, agreed to serve as a partner of the three India-based the companies in whose name Nirav Modi obtained nearly $3.5 billion in fraudulent loans (defined below as the LOU Entities). Javeri then managed and facilitated the Modi family’s 18-10509-shl Doc 1410 Filed 02/25/20 Entered 02/25/20 21:08:30 Main Document Pg 4 of 147 systematic efforts to launder and shield from creditors the proceeds of the fraud, including over $30 million in real estate. 4. Nirav Modi’s brother, Nehal Modi, traveled around the world after exposure of the fraud destroying evidence, tampering with witnesses, and securing assets from seizure by government authorities and creditors. Early in these chapter 11 cases before the Trustee’s appointment, Nehal Modi also enlisted several of his personal friends to loot the U.S. Affiliates’ more than $40 million in inventory and cash so that those funds could not be used to pay the U.S. Affiliates’ substantial debts to the Debtors. 5. Nirav Modi’s other brother, Neeshal Modi, also served as a partner of the three LOU Entities, as beneficial owner of numerous Shadow Entities and other shell companies, and as one of the key day-to-day managers of the fraudulent import and export transactions supporting the bank fraud. Neeshal Modi also personally selected and hired various “dummy” directors, officers, and other personnel for the web of companies secretly owned by his family. He also played his part in the family money laundering operation, including by holding a power of attorney for his sister Purvi Mehta, in whose name the ill-gotten proceeds were held in bank accounts across the globe. 6. The Ithaca Trust, Central Park South 50 Properties, LLC, and Central Park Real Estate LLC, which together hold the Modi family’s two Manhattan apartments, are nothing more than contrivances used by the Modi family to shield more than $30 million of their ill-gotten wealth from creditors. 7. Twin Fields Investments Ltd. is the Delaware shell company through which the Modi family secretly owned and operated Bailey Banks & Biddle retail stores as another front for its money laundering operations. The Modi family laundered over $80 million through Twin Fields during the Relevant Period. 2 18-10509-shl Doc 1410 Filed 02/25/20 Entered 02/25/20 21:08:30 Main Document Pg 5 of 147 8. The remaining Defendants, defined below as Shadow Entities, comprise the numerous Hong Kong and Dubai-based companies the Modi family secretly owned, yet represented as independent vendors and customers to banks, auditors, and even this Court. 9. The Trustee also seeks to avoid numerous fraudulent transfers of the Debtors’ assets made to the Defendants, and in his capacity as judgment creditor of the U.S. Affiliates, seeks to avoid fraudulent transfers of the U.S. Affiliates’ assets made to the Defendants. JURISDICTION AND VENUE 10. The United States District Court for this district (the “District Court”) has jurisdiction over this adversary proceeding under 28 U.S.C. § 1334(b) because this adversary proceeding arises under title 11 of the United States Code and arises in and is related to these chapter 11 cases and under 28 U.S.C. § 1331 and 18 U.S.C. § 1964(c) because this adversary proceeding arises under the laws of the United States, including 18 U.S.C. § 1962, and seeks recovery for injuries by reason of a violation of 18 U.S.C. § 1962. This Court has authority to hear this adversary proceeding
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