Nirav Modi's brother arrested in US on Indian extradition request
Nehal Modi is a co-accused in the Rs 13,000-crore Punjab National Bank fraud case.
In its complaint, the prosecution in the US said that the extradition proceedings were being pursued for alleged money laundering under India's Prevention of Money Laundering Act and alleged criminal conspiracy under sections of the erstwhile Indian Penal Code, the newspaper reported.
Nehal Modi is alleged to have assisted in concealing and transferring illicit funds through a network of shell companies and overseas transactions, The Hindu reported.
The extradition matter is expected to be heard in a US court on July 17, PTI reported. Nehal Modi is a Belgian citizen.
The PNB fraud came to light in February 2018 when the bank informed the stock exchange BSE that it had detected 'fraudulent and unauthorised transactions' worth Rs 11,380 crore at a branch in South Mumbai.
A few officials of the public sector bank had allegedly issued fraudulent Letters of Undertaking to Nirav Modi's companies, resulting in the loss of Rs 6,097 crore to PNB.
Nirav Modi is in prison in the United Kingdom, where he is facing extradition proceedings.
Nehal Modi and Nirav Modi's uncle Mehul Choksi is also one of the prime accused in the matter.
Choksi had fled India for Antigua and Barbuda in January 2018, a few weeks before the fraud came to light. He then secured the citizenship of the Caribbean country.
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