Punjab National Bank fraud case: US arrests Nirav Modi's brother Nehal
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US authorities have arrested Nehal Modi, a co-accused along with brother Nirav and uncle Mehul Choksi in the ₹25,000-crore Punjab National Bank fraud case, on a request from the Enforcement Directorate and the Central Bureau of Investigation for his extradition.He was in a New York jail after being convicted in July 2022 for fraudulently obtaining more than $2.6 million worth of diamonds from a Manhattan-based wholesale company. He had sought parole, but it was denied, and the authorities placed him under arrest on India's request, said a senior official privy to the matter.Nehal Modi is a Belgium national. His extradition proceedings in the US are set to begin on July 17, when a status conference is scheduled to decide the trial date. He is expected to seek bail and the US prosecution is likely to oppose it, the official said.Both ED and CBI have filed chargesheets against him and the other accused in India. A red corner notice was also issued against him.His uncle, Choksi, who was arrested in April in Belgium, and brother Nirav, currently in a London jail, are also facing extradition proceedings initiated by India. They have denied any wrongdoing and are opposing the proceedings to bring them to India.According to the ED chargesheet, which is investigating the money-laundering aspect of the alleged scam, Nehal Modi "knowingly and intentionally" helped his brother divert money to shell corporations and destroyed key evidence, claims ED.Nehal Modi was looking after the affairs of Twin Fields Investments and Bailey Bank and Biddle for Nirav Modi, according to ED. These companies had received around $50 million from dummy companies of Nirav Modi which in turn received this fund from the fraud committed on PNB, the agency said in its chargesheet. Nehal Modi became the protector and investment advisor of a trust that got $30 million after extensive layering and this money was used to purchase two immovable properties in the US, ED claimed.After the alleged scam came to light, Nehal Modi, along with another co-accused Mihir Bhansali, took away diamonds worth $6 million and 150 boxes of pearls from Hong Kong, and 3.5 million UAE dirhams in cash and 50 kg gold from gold, according ED's chargesheet. Nehal Modi was in charge of firms like Samuels Jewellers and Diamlink, linked to Choksi, it claimed. "At his instance, these companies received around $19 million of proceeds of crime in the guise of royalty, advances, etc., from Dubai-based shell companies of Mehul Choksi," according to the chargesheet.
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