Nirav Modi’s brother arrested in US for Rs 13,000 cr PNB fraud

Fugitive diamantaire Nirav Modi’s younger member Nehal Modi has been arrested by the US authorities pursuing extradition requests from the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), officials said connected Saturday.

Arrested connected Friday, Nehal’s extradition proceedings were based connected 2 charges—one number of wealth laundering nether Section 3 of the Prevention of Money Laundering Act and 1 number of transgression conspiracy nether Sections 120B (criminal conspiracy) and 201 (disappearance of evidence) of the Indian Penal Code.

The adjacent proceeding successful the substance is scheduled for July 17, during which Nehal (46), a Belgian national, whitethorn question bail, a determination expected to beryllium contested by US prosecutors, the officials said. Nehal is an accused successful the alleged Rs 13,000 crore Punjab National Bank (PNB) fraud—one of the biggest banking scams—reportedly orchestrated by him, Nirav and their uncle Mehul Choksi.

Born and raised successful Belgium’s Antwerp, Nehal is wanted for allegedly laundering proceeds of transgression connected behalf of Nirav, who is lodged successful a London situation and is facing extradition proceedings to India. Investigations by the ED and the CBI revealed that Nehal played a cardinal relation successful concealing and transferring ample sums of illicit funds done a web of ammunition companies and overseas transactions successful usurpation of Indian laws, the officials said.

Nehal has been named arsenic an accused successful abstracted chargesheets filed by some the ED and the CBI. In the ED chargesheet, helium has been charged with demolition of grounds and “knowingly and intentionally” assisting Nirav successful his alleged amerciable acts, the officials said.

After the fraud came to light, Nehal allegedly took distant diamonds worthy $6 cardinal and 150 boxes of pearls from Hong Kong, and AED 3.5 cardinal successful currency and 50 kg of golden (along with co-conspirator Mihir Bhansali) from Dubai, according to the investigation. He allegedly destroyed integer evidences (mobile phones and server) pertaining to Nirav’s lawsuit successful Dubai. He allegedly intimidated the witnesses and sent them to Cairo wherever their passports were seized astatine his instance, said sources.

The witnesses were allegedly forced to motion mendacious documents successful Cairo astatine Nehal’s lawsuit and successful 1 case, helium offered a witnesser Rs 2 cardinal successful lieu of mendacious grounds earlier the judicial authorities of Europe, the probe revealed.