World · India Bureau
CBI extradites key suspect in major PNB fraud case from UAE
The Central Bureau of Investigation has secured the deportation of Sandeep Mistry, a key associate in the sprawling Punjab National Bank fraud involving jeweler Nirav Modi, from the United Arab Emirates. Mistry is accused of orchestrating fraudulent transactions and forging documents that facilitated the multi-billion rupee banking scam.
LSN India ·
The CBI, working with India's Ministry of External Affairs and Ministry of Home Affairs, has brought Sandeep Mistry back to India following his deportation from UAE custody. Mistry is alleged to have played a crucial role in the PNB fraud scheme as an associate of fugitive diamantaire Nirav Modi, who remains at large following his escape in early 2018.
Authorities have leveled multiple charges against Mistry, including fabricating business transactions, creating counterfeit documents, and coercing nominee directors into providing unauthorized signatures. Investigators claim he also orchestrated the illegal transfer of funds through shell company accounts operating from the UAE, diverting money from the Indian banking system.
The PNB fraud, which emerged in 2018, exposed a massive vulnerability in India's banking security systems and resulted in losses exceeding ₹13,500 crore. The case has since become one of India's largest banking frauds, prompting investigations across multiple agencies and jurisdictions.
Mistry's extradition is seen as a significant development in the ongoing investigation, potentially providing law enforcement with critical information about the operational networks and financial mechanisms used to execute the scheme. The CBI continues to pursue other accused persons and assets linked to the fraud across multiple countries.