PNB Fraud Extradition
CBI Arrests Key Nirav Modi Aide Sandeep Mistry Over PNB Fraud
Anonymous
The CBI brought Nirav Modi associate Sandeep Mistry from the UAE to Mumbai and arrested him in connection with the Punjab National Bank fraud investigation, following a non-bailable warrant issued in 2025. A special CBI court remanded him to judicial custody until October 6, and the agency did not seek his remand. The CBI alleges Mistry helped coordinate fictitious international trade, arrange forged import-export documents and siphon funds through dummy companies, as well as threaten nominal company directors and conceal evidence. Mistry had been a director of Fancy Creations Ltd, a Hong Kong-based company linked to Modi. The wider case involves alleged fraudulent Letters of Undertaking and a fraud estimated at more than ₹13,000 crore, with Modi, Mehul Choksi and others also under investigation.
Key Points
1
The CBI said an Interpol Red Notice was published against Mistry in July 2026; he was later located and arrested by UAE authorities. The deportation was coordinated with India’s Ministry of External Affairs and Ministry of Home Affairs, as well as UAE authorities.
2
In the specific conspiracy allegation against Mistry, the CBI said PNB was cheated of nearly ₹6,498.20 crore—distinct from the wider alleged fraud of more than ₹13,000 crore.
3
The CBI alleged that Mistry, Nirav Modi’s brother Nehal and another accused threatened Dubai-based employees acting as dummy directors and forced them to move to Cairo after the case was registered in India; the accused allegedly destroyed the employees’ mobile phones to erase evidence.
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