India
CBI arrests Nirav Modi aide after UAE extradition
The Hindu··1h ago
The CBI arrested Nirav Modi associate Sandeep Mistry in Mumbai on Tuesday after UAE extradition. Officials linked him to Punjab National Bank fraud of nearly Rs 6,498.20 crore. A special CBI court remanded him to judicial custody till October 6. Mistry directed Fancy Creations Ltd in Hong Kong. The wider probe cites an alleged over $2 billion bank fraud.
Prism
What It Means For You
- A key alleged facilitator in the PNB Letters of Undertaking case is now in Indian judicial custody.
- The remand order runs till October 6, when the special CBI court will hear the matter again.
- Extradition and Interpol notice timelines show how fugitives in the case are still being brought back.
What's Happening
- Mistry was extradited from the UAE on Monday and formally arrested in Mumbai on Tuesday.
- CBI alleged he joined a conspiracy that cheated Punjab National Bank of nearly Rs 6,498.20 crore.
- The agency produced him before a special court but did not press for police remand.
What the PNB case alleges
- Nirav Modi, Mehul Choksi and others face CBI and ED probes over an alleged over $2 billion LoU fraud at Brady House, Mumbai.
- Mistry was director of Fancy Creations Ltd, a Hong Kong company linked to Modi.
- CBI also alleged threats to dummy directors in Dubai and destruction of phones to erase evidence.
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