Who is Nehal Modi? Nirav Modi's brother arrested in PNB fraud case
, the younger brother of fugitive businessman
Nirav Modi
, was arrested in the United States on July 4, following an extradition request by Indian authorities. His arrest, confirmed by the U.S. Department of Justice, came after a joint requisition by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI).
He faces two primary charges:
money laundering
under the Prevention of Money Laundering Act (PMLA), 2002, and criminal conspiracy under the Indian Penal Code (IPC). Nehal is a key accused in the Rs 13,000 crore
Punjab National Bank
(PNB) scam—one of the biggest financial frauds in India's history.
Background and Alleged Role
Play Video
Pause
Skip Backward
Skip Forward
Unmute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
0:00
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions settings
, opens captions settings dialog
captions off
, selected
Audio Track
default
, selected
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
Nehal Deepak Modi, 46, was born and brought up in Antwerp, Belgium. Fluent in English, Gujarati, and Hindi, he is accused of playing a crucial role in the fraud alongside his brother Nirav Modi and uncle Mehul Choksi.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Villas For Sale in Dubai Might Surprise You
Villas In Dubai | Search Ads
Get Rates
Undo
According to investigators, Nehal facilitated the movement and concealment of illicit funds through fake companies and cross-border transactions. His network allegedly obtained fraudulent Letters of Undertaking (LoUs) from PNB to divert nearly Rs 6,498 crore, while Choksi used a similar modus operandi for the rest of the scam.
Authorities say Nehal Modi assisted Nirav after the scam was exposed, including attempts to destroy evidence and intimidate directors of Dubai-based shell companies used to mask illegal trade.
Live Events
The ED alleges that Nehal, along with Mihir R. Bhansali (a close aide of Nirav Modi), transported around 50 kg of gold and large sums of cash from Dubai. He also instructed dummy directors to conceal his name during questioning by Indian authorities.
Listed as Accused No. 27 in the CBI's supplementary chargesheet, Nehal is alleged to have orchestrated the destruction of electronic data and servers after relocating employees from Dubai to Cairo. These individuals reportedly signed false declarations of ownership for companies in Dubai and Hong Kong.
These shell firms purportedly engaged in fake trade with Nirav Modi's entities—Diamonds R Us, Solar Exports, and Stellar Diamonds. These companies secured illegitimate buyer's credit from foreign banks using fake LoUs issued by PNB's Brady House branch in Mumbai.
What's Next
A status conference is scheduled for July 17, 2025, in the U.S. While Nehal Modi may seek bail, American prosecutors have expressed their intent to oppose his release.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
35 minutes ago
- Mint
Patchy summer, shifting demand: Dabur, Marico, Godrej likely saw diverging fortunes in Q1 sales
New Delhi: Consumer goods makers Dabur India Ltd, Marico Ltd, and Godrej Consumer Products Ltd are expected to report contrasting demand patterns for their products in the June quarter, with robust sales in edible oils and home and personal care categories offset by a subdued summer for beverages. This divergence is largely attributed to untimely rains and a milder summer, hurting demand for seasonal categories. On Friday, homegrown consumer goods company Dabur India said that the Indian FMCG sector saw a sequential recovery in demand in the June quarter, with an uptick in volume growth particularly in urban markets. Dabur's home and personal care (HPC) division is expected to perform well, driven by its oral, home and skin care categories. The beverage portfolio was impacted due to unseasonal rains and a brief summer. On account of decline in beverages, Dabur's consolidated revenue is expected to grow in low single digits. Consolidated operating profit growth is expected to marginally lag revenue growth. The company sells brands such as Dabur Red toothpaste, Dabur Honey, Hajmola, and Dabur Honitus. Volume growth Godrej Consumer Products said that its standalone business is likely to deliver high-single digit value growth in the first quarter of the ongoing fiscal year on the back of mid-single digit underlying volume growth (UVG). At a consolidated level, we expect double-digit revenue growth on the back of high-single digit underlying volume growth. Underlying volume growth is a key business metric, particularly in consumer goods sector, that measures the actual increase in the number of goods sold. It focuses only on volume, without taking into consideration price changes. Volume growth has been strongly competitive and is sequentially improving, the company said in its quarterly update on Friday. Standalone Ebitda margin in Q1FY26 is likely to be below its normative range but is expected to improve, the company added. While palm oil prices have started easing towards the end of June, benefits of this moderation will only be realized in H2FY26, the company added in its quarterly update to the exchanges. The company's home care business has had a broad-based growth trajectory with the business likely to deliver double-digit value growth and UVG increase. Personal care business is expected to grow value in low-single digit impacted by soaps. Standalone business excluding soaps (which is seeing a price-volume rebalancing driven by commodity volatility) is expected to deliver a very strong performance this quarter with double-digit UVG. Edible oil maker Marico on Thursday said its India business is expected to report 'multi-quarter high" volume growth in Q1, benefiting from import duty reduction on vegetable oils. 'During the quarter, the sector exhibited consistent demand patterns, marked by improving trends in rural markets and steady urban sentiment. We expect gradual improvement in the quarters ahead, supported by easing inflation, a favourable monsoon season and policy stimulus," Marico said in its update for the June quarter released Thursday evening. The company's underlying volume growth in the India business continued to improve sequentially to reach a multi-quarter high. Marico's consolidated revenue growth on a year-on-year basis stood in the low twenties, marking a strong start towards delivering double-digit growth on a full-year basis. Its leading edible oil brand Saffola posted a healthy performance with revenue growth in the high twenties, backed by mid-single digit volume growth. The brand has 'proactively" passed on the benefit of the recent import duty reduction on vegetable oils to consumers. Meanwhile, its Parachute oil portfolio reported marginal dip in volumes due to high input cost and pricing conditions, it said in its update. In June this year, the Centre reduced the basic customs duty (BCD) on crude edible oils—crude sunflower, soybean, and palm oils from 20% to 10%. This decision came after the sharp rise in edible oil prices following last year's import tax hike in September. The increase led to significant inflationary pressure on consumers, with retail edible oil prices soaring and contributing to rising food inflation. Marico reported continued inflation in copra prices due to unseasonal rains, while vegetable oil prices dropped after import duty cuts, and crude oil derivatives stayed stable. Consequently, the company expects increased pressure on gross margins in the short term, but expects this to ease from the second half of the fiscal year. Analysts said monthly and quarterly inflationary trends remained 'benign" for consumer staple companies, except for copra and tea prices, suggesting a gradual uptick in demand as well as easing of pressure on gross margins. Month-on-month and quarter-on-quarter inflationary trends suggest a benign environment for Marico's raw material basket except for brent crude (up 12.2% month-on-month but still down 20.2% year-on-year) and copra (up 24.1%—18.7% quarter-on-quarter—month-on-month in 1QFY26 leading to over 90% inflation year-on-year), analysts at Yes Securities said in a report released on 2 July. The brokerage said its internal consumer staples raw material inflation index reported an uptick in May 2025, up 3.4% year-on-year, led by oil seeds (including copra) and menthol, despite lower crude prices. 'Even while geopolitical tensions lifted palm oil on a month-on-month basis, both palm oil and PFAD (palm fatty acid distillate) are still down quarter-on-quarter. Agri inputs were mixed, with quarter-on-quarter softening in wheat, maize and cocoa, but copra and tea prices remain firm. Tobacco leaf prices are under pressure due to oversupply but the government is intervening," it added. The fast-moving consumer goods industry reported an 11% year-on-year value growth in the March quarter, driven by a 5.1% volume increase and a 5.6% price hike, according to NielsenIQ. While overall inflation is easing, high edible oil prices kept the basket of staples expensive, resulting in higher value growth. However, edible oil prices are now stabilizing. Most companies have pointed to a recovery in demand in the second half of the year, led by favourable monsoons and tax benefits announced in this year's budget that raised exemption limit and revised personal income tax slabs. 'A meaningful and broad-based margin recovery appears more likely from 2HFY26, contingent on price stability across commodities and favourable monsoon progress," said analysts at Equirus Securities. Softening wheat, maize, and barley prices support margin stability for food players like Britannia, ITC, and Mrs Bectors Food.
Deccan Herald
41 minutes ago
- Deccan Herald
Mastermind of religious conversion gang held in Uttar Pradesh
A non-bailable warrant had been issued by a court against Jalaluddin, while the police declared a cash reward of Rs 50,000 for his arrest.
Indian Express
43 minutes ago
- Indian Express
SpiceJet told to pay Rs 10,000 to passenger for two-day delay in delivering luggage
The District Consumer Disputes Redressal Commission of Chandigarh has directed SpiceJet Airlines to pay Rs 10,000 to a city resident for delivering his luggage two days after the journey. Sahib Payal, a city resident, alleged that on June 21, 2024, he had booked an e-air ticket with SpiceJet for his travel from Delhi to Ahmedabad for June 24, 2024, to appear in the exam of The Gujarat Flying School, Vadodara, Gujarat, held on June 25, 2024. 'Upon reaching the Delhi airport, the airlines issued a boarding pass, and after which he travelled from Delhi to Ahmedabad on the scheduled date. However, upon reaching Ahmedabad, I found my luggage missing/misplaced by the airlines. I reported the matter to the air staff of the airlines, and I was asked to file a Baggage Irregularity Report (BIR). 'Thereafter, I requested the airlines and their staff to explain the reasons for the delay in delivering the luggage, as I had to travel to Vadodara for my exam. After waiting for some time, when I did not get my luggage, I left the airport to appear for the exam in Vadodara. The next day, I was informed by the airlines that the luggage had been sent to Bengaluru and would be returned to me in a day or so. I, thus, left the airport for Vadodara in the evening by a taxi. Finally, the airlines returned the luggage to me after two days — June 26, 2024,' the complainant alleged. SpiceJet Airlines in its reply stated that it is not liable for any loss/damage occasioned by delay in the carriage by air of passengers or luggage. It was further said that the luggage was returned to the complainant within two days from the date of his travel, there is no deficiency in service on the part of the airlines, and the complainant is not entitled to any compensation from the airlines. The Commission, however, held that '…it stands proved on record that the complainant remained at the airport for a long time waiting for his luggage on the day when he reached the Ahmedabad airport and, thereafter, he left for Vadodara to appear in an exam. The next day, he again visited the airport, but the luggage could not be delivered to him. Only after two days, the baggage was returned to him as a result of which he was harassed for the sheer negligence on the part of the Airlines (SpiceJet Airlines) …' Thus, partly allowing the complaint, the Commission directed SpiceJet Airlines to pay a lump sum compensation of Rs 10,000 to the complainant on account of mental agony and harassment as well as litigation expenses.
