Hello, I'm Ed Butler and welcome to Business Daily from the BBC.

Coming up, the meteoric rise and spectacular fall of one of the world's leading fashion

jewelers.

He's an extraordinary character, completely unknown.

Eight years ago, nobody knew who Nirav Modi was.

And so there was this extraordinary explosion onto the sort of luxury,

fashion, expensive jewellery scene that he made. Yes, Nirav Modi, jeweler to the stars.

What does his story tell us about India's wealthy elite?

The super rich of India are doing just as well as they have been doing, indeed more so.

There's no sign of slowing down in the accumulation of extraordinary wealth at the

top of Indian society. That's all coming up in Business Daily from the BBC.

It is an amazing tale, a very, very rapid rise matched by an equally dramatic fall. Apparently,

this is also India's biggest ever single alleged

incident of fraud. Nirav Modi, the diminutive, soft-spoken Gujarati businessman with the face of a

benign teddy bear. He was pretty much nobody unheard of until a few years ago. Then he

launched what quickly became India's one and only globally recognised jewellery brand. This is him speaking just a couple of years ago, then he launched what quickly became India's one and only globally recognized

jewellery brand. This is him speaking just a couple of years ago about his company on the

Fashion One Web Channel. My grandfather and my father wore diamond tears. I'm a third generation

diamond tear and been surrounded by diamonds and art from a very young age. When designing jewelry,

I get inspired by my travels,

by poetry, from literature, always with the women in mind. These diamonds were what the Indian kings

and queens were centuries ago. Dinerav Modi brand is timeless. Well, it's not quite so timeless now.

...