Politics · India Bureau
CBI arrests Modi aide Mistry after extradition from UAE
The Central Bureau of Investigation has arrested Sandeep Mistry, an associate of fugitive businessman Nirav Modi, following his extradition from the United Arab Emirates in connection with the Punjab National Bank fraud case. Mistry was produced before a special CBI court in Mumbai and remanded to judicial custody.
LSN India ·
Sandeep Mistry was formally arrested by the CBI in Mumbai on Tuesday, a day after his extradition from the UAE on Monday. The agency produced him before a special CBI court, which subsequently remanded him to judicial custody until October 6. The arrest was executed in compliance with a non-bailable warrant issued by a special court in November 2025.
Mistry served as director of Fancy Creations Ltd, a Hong Kong-based company owned by Nirav Modi. According to the CBI, Mistry played an active role in a criminal conspiracy alongside Modi and other accused individuals to defraud Punjab National Bank. The agency alleges that the scheme resulted in losses of approximately Rs 6,498.20 crore to the bank.
The arrest marks a significant development in the ongoing investigation into the multi-million-dollar PNB scam, which has seen multiple accused individuals either arrested or extradited to India. The case continues to involve several associates of Modi, including his brother Nehal, as the CBI pursues its investigation into the conspiracy.