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Nirav Modi's brother arrested in US on India's extradition request. Who is Nehal Modi?
Nehal Modi was arrested on July 4 by local authorities in the United States. Image: News18
Nehal Modi, the brother of fugitive businessman Nirav Modi, has been arrested in the United States.
He has been taken into custody in connection with the multi-crore Punjab National Bank (PNB) scam.
The action comes after extradition requests sent by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI).
The next hearing in the case is scheduled for July 17. On that day, Nehal is likely to apply for bail, but US prosecutors are expected to oppose the request, officials told PTI.
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But who is Nehal Modi? And what is the case he has been arrested in?
Let's take a look:
Who is Nehal Modi? Why has he been arrested?
The younger brother of Nirav Modi was arrested on July 4 by local authorities in the United States.
The action was taken following a Red Corner Notice issued by Interpol, based on requests from the Central Bureau of Investigation and the Enforcement Directorate.
Notably, his arrest comes after a long legal and diplomatic process, during which Nehal tried to get the Red Corner Notice withdrawn, but his challenge was unsuccessful.
So, who exactly is Nehal Modi?
He is wanted in India for his role in the Rs 13,000-crore Punjab National Bank (PNB) scam, which is one of the biggest banking frauds the country has seen.
Nehal was born and raised in Antwerp, Belgium, and speaks English, Gujarati, and Hindi.
Nehal Modi has been taken into custody in connection with the multi-crore Punjab National Bank (PNB) scam. Image: X
He is accused of helping his brother, Nirav Modi, by moving and hiding the proceeds of the alleged crime.
Investigations have found that Nehal was the director of Firestar Diamonds USA, a company that has since shut down.
He was also connected to the Ithaca Trust, which was created to help fund and acquire property for Nirav Modi, according to India Today. The trust reportedly received money that had been moved from Letters of Undertaking issued by PNB into fake companies.
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Officials said Nehal helped in hiding and shifting large amounts of illegal funds using shell companies and foreign transactions, breaking Indian laws in the process.
He has also been named in the charge sheet filed by the ED and is accused of destroying evidence and 'knowingly and intentionally' helping Nirav Modi carry out the alleged fraud, officials told PTI.
After the PNB case became public, Nehal, along with Mihir R Bhansali, a close aide of Nirav, allegedly moved 50 kilograms of gold and a large amount of cash from Dubai.
The two also reportedly told fake directors not to mention Nehal's name to investigators.
Nirav Modi fled the country in January 2018. Image: News18
The US authorities are pursuing extradition proceedings against Nehal based on two charges: one for money laundering under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, and one count of criminal conspiracy under Sections 120-B (criminal conspiracy) and 201 (causing disappearance of evidence) of the Indian Penal Code.
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What is the PNB scam? Where is Nirav Modi?
Nehal Modi has been named in the chargesheet filed in the Punjab National Bank (PNB) scam case.
He is accused of helping his brother, Nirav Modi, obtain fake credit letters as part of a multi-billion-dollar fraud.
The Rs 13,500 crore PNB loan scam came to light in early 2018. It involved fugitive businessmen Mehul Choksi and his nephew Nirav Modi, along with others, including some employees of PNB.
Nirav and Choksi left the country in January 2018, just before the bank flagged the issue to the authorities.
Notably, Nirav was arrested in the United Kingdom in March 2019 and has remained in a London jail since then.
Meanwhile, Mehul Choksi is currently in Antigua and is involved in separate legal matters, including a case related to his citizenship.
Mehul Choksi was taken into custody in April by Belgian officials. Image: News18/File Photo
On May 17, the UK High Court said that sending Nirav Modi back to India to face trial would not go against his human rights.
Although the court has approved his extradition, the process is still on hold because Nirav has filed multiple appeals to delay it.
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Earlier this year, the Belgian government confirmed that 65-year-old Choksi was arrested in Antwerp after India requested his extradition.
Choksi had challenged his arrest in a Belgian court and asked for immediate release, claiming there were faults in the process. The court dismissed his plea.
He was taken into custody in April by Belgian officials.
With inputs from agencies
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