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CBI arrests Nirav Modi aide after extradition from UAE
Sandeep Mistry, a close associate of fugitive diamantaire Nirav Modi, has been taken into custody by the Central Bureau of Investigation following his deportation from the United Arab Emirates. Mistry was wanted in connection with the massive Punjab National Bank fraud case.
LSN India ·
The CBI arrested Sandeep Mistry, an aide to absconding jeweler Nirav Modi, after his return to India from the UAE on charges related to the Rs 13,500-crore Punjab National Bank fraud. Mistry had been a key figure in the conspiracy and was among those identified as facilitating the scheme that defrauded the lender through fraudulent letters of undertaking.
According to investigating officials, Mistry was wanted by both the CBI and the Enforcement Directorate for his alleged role in orchestrating and executing the fraud. His deportation from UAE authorities marks a significant development in the ongoing investigation into one of India's largest banking scams.
The PNB fraud, which came to light in 2018, involved the issuance of unauthorized letters of undertaking that enabled Modi and associates to secure credit from international banks. The case has since expanded with multiple arrests and investigations spanning several countries as authorities pursue those implicated in the scheme.
Mistry's custody will allow investigators to question him regarding his specific contributions to the fraud and the movement of funds. The arrest adds to mounting pressure on the network that allegedly supported Modi's operations, with authorities intensifying efforts to bring all implicated parties to account.