'Destroyed evidence': Who is Nehal Modi? Nirav Modi's brother held in US on India's request; how is he linked to PNB scam case
Nirav Modi
, was arrested by US authorities following an extradition request from Indian agencies. His arrest took place on 4 July after the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) jointly requested his extradition, according to the United States department of justice.
Authorities are seeking his custody on two charges: one of money laundering under the Prevention of Money Laundering Act (PMLA) 2002, and another of criminal conspiracy under the Indian Penal Code (IPC). He is accused of playing a major role in the alleged Rs 13,000 crore Punjab National Bank (PNB) scam, one of the biggest banking frauds in the country's history.
Who is Nehal Modi and his links to the
PNB scam
Nehal Deepak Modi was born and brought up in Antwerp, Belgium, and is fluent in English, Gujarati and Hindi.
Nehal, 46, is a key accused in the PNB scam, alongside his brother Nirav Modi and their uncle Mehul Choksi. Investigators said that Nehal helped Nirav move and hide large amounts of illegal money through fake companies and overseas transactions.
In the scam, Nehal, through his companies, siphoned off almost Rs 6,498 crore from the bank, fraudulently obtaining Letters of Undertaking (LoUs), while his uncle used a similar method to misappropriate the remaining amount.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Why seniors are rushing to get this Internet box – here's why!
Techno Mag
Learn More
Undo
He has also been accused of destroying evidence and helping Nirav Modi 'knowingly and intentionally' after the scam was exposed.
The CBI accused Nehal Modi of threatening and pressuring directors of shell companies in Dubai, which were used by Nirav Modi to make fraudulent trade dealings appear legitimate.
ED claimed that after the scam came to light, Nehal, along with, Mihir R Bhansali, a close confidante of Nirav Modi, transported 50 kg of gold and "substantial cash from Dubai."
He further instructed dummy directors not to reveal his identity to investigating authorities.
Nehal has been named as accused No. 27 in a supplementary chargesheet filed by the CBI, which alleges that he destroyed evidence in Dubai to help conceal the suspected criminal conspiracy.
According to investigators, these individuals, employees of Nirav Modi's companies, were forced to move from Dubai to Cairo, where their phones, laptops, and computer servers were destroyed to eliminate evidence.
They were also allegedly made to sign false declarations claiming to be the actual owners of Dubai and Hong Kong-based firms.
These shell companies were shown as conducting genuine export-import business with three of Nirav Modi's firms: Diamonds R Us, Solar Exports, and Stellar Diamonds. These entities are accused of wrongfully receiving buyer's credit from foreign banks, backed by fake Letters of Undertaking (LoUs) fraudulently issued by PNB's Brady House branch in Mumbai, with the help of bank insiders.
The extradition hearing is scheduled for 17 July 2025, when a status conference will be held. Nehal may apply for bail during this session, but US prosecutors have already said they will oppose it.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
24 minutes ago
- Time of India
NGT notice to ministry, state govt over ‘illegal' construction on forest land
1 2 3 Cuttack: National Green Tribunal (NGT) on Monday issued notices to the Union ministry of environment, forests and climate change, Odisha govt and several officials over alleged illegal construction on forest land in Jajpur district. The petition, filed by Kailash Chandra Nayak of Nuadihi village under Danagadi tehsil, sought intervention against construction being carried out by the state govt on forest land in Danagadi and Sukinda blocks without mandatory approval under the Forest (Conservation) Act, 1980. The petitioner, represented by advocates Sankar Prasad Pani and Ashutosh Padhy, claimed these constructions are being carried out without any forest clearance from the Centre. A representation was submitted to the authorities on March 30, but no action has been taken so far, the petition claimed. The bench, comprising Justice B Amit Sthalekar (judicial member) and Dr Arun Kumar Verma (expert member), noted the matter "requires consideration" and issued notices to the additional chief secretary (forest, environment and climate change), district collector of Jajpur, BDOs and tehsildars of Danagadi and Sukinda and the divisional forest officer (Cuttack). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Pieces of Clothing you should Ditch over 40 Learn More Undo All respondents have been directed to file their counter affidavits within four weeks. The case was listed for the next hearing on Aug 25. According to the petition, massive concrete structures are being built using funds from the District Mineral Foundation (DMF) with the approval of Jajpur district collector, who is also the managing trustee of DMF. It was alleged that on Nov 21, 2023, the collector issued a letter to the Sukinda BDO for constructing activity rooms in 132 primary schools at a cost of Rs 13.20 crore. On Jan 24, 2024, he again approved Rs 13.10 crore for additional classrooms and Rs 14 crore for activity rooms in 140 schools under Danagadi block. The petition sought a halt on all non-forest activities being carried out on forest land without prior central approval and demanded that such constructions be declared illegal.
Time of India
24 minutes ago
- Time of India
SRA law tweak: Assets to be seized if bldr defaults on rent
Mumbai: State govt is putting the screws on builders as well as slum dwellers to speed up SRA projects, reports Chaitanya Marpakwar. To recover pending rent from builders who don't pay slum dwellers after demolishing their homes, govt has introduced an amendment to The Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971 which allows rent money to be recovered from a company's property or the personal property of its directors/partners. Since outstanding rent will be considered arrears of land revenue, SRA will be able to attach and sell a builder's property to extract rent money. Govt has also reduced the time given to slum dwellers who don't agree to join a rehab scheme from 120 days to 60 days after more than 50% of slum dwellers have given consent. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Such dwellers can lose their rehab units to others and will only be eligible for a pitch at other locations if and when they are available. The amendment bill was introduced in the Legislative Assembly on Tuesday and will be discussed later this week. SRA CEO M Kalyankar said that the amendments would help fast-track SRA schemes and make sure that slum dwellers get rent on time. SRA officials said around Rs 620 crore in rent is still due from builders. Officials said to recover arrears of land revenue, govt has various legal processes at its disposal including serving notices, attaching property, and even imprisoning the defaulter. "Under the Maharashtra Land Revenue Code (MLRC), govt can attach and sell the defaulter's movable and immovable property to recover the dues. In some cases, bank accounts or lockers may be attached. Right now the SRA can only issue stop work notices to the builder for not paying rent or stop giving new permissions but beyond that there is no deterrent," an official said. Some other amendments in the bill include those related to handing over land to govt agencies like MMRDA, MHADA, MSRDC and CIDCO to redevelop slums on lease within 30 days of issuance of the letter of intent.
Time of India
24 minutes ago
- Time of India
3 cos frontrunners for Deonar waste treatment project
Mumbai: Three companies emerged as frontrunners when bids were opened on Tuesday for BMC's Rs 2,368-crore bioremediation tender to scientifically treat 185 lakh tonnes of waste at the Deonar dumping ground —one of the oldest and most toxic landfills in the country. Only one of them, Re Sustainability Ltd, has experience in handling Deonar's solid waste; the other two are infrastructure companies. One of the three—Navayuga Engineering Ltd—had tied up with Adani Enterprises for a 47.8km bypass project in Vijayawada, Andhra Pradesh, which was launched in 2021. Re Sustainability is the parent company of Chennai MSW Pvt Ltd, which is currently working on seting up a waste-to-energy plant at Deonar to process 600 tonnes of solid waste daily that is expected to be commissioned by this Oct. The other company—HG Infra Engineering Ltd—has handled highways, bridges, Metro, railways and renewable energy projects, according to its official website. Officials said a scrutiny of the bids packet was still underway as of late Tuesday evening. "The financial packet will be opened on July 11, after which the lowest bidder will be decided," said a civic official. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The Deonar cleanup project is one of the largest legacy waste treatment attempts in the country. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo The move follows a Jan directive from the state govt asking BMC to clear the site by treating legacy waste on location. The urgency ties into the state cabinet's Oct 2023 approval to hand over a portion of the Deonar land to Dharavi Redevelopment Project Pvt Ltd—a joint venture between Navbharat Mega Developers Pvt Ltd (an Adani Group special purpose vehicle) and the state govt. BMC had extended the deadline for submission of bids three times after floating the tender this May—from June 3 to June 23, then to July 1, and finally to July 4. The civic body had held a pre-bid meeting with interested bidders. Officials said several interested parties sought more time to study the entire process, apart from raising questions about certain environmental permissions, owing to which the extensions were granted. The queries raised by the prospective bidders were mainly related to logistical challenges. Many of them shared their concern over how such a large pile of legacy waste could be cleared within three years.
