A key accused in the Punjab National Bank fraud case linked to fugitive Indian diamond merchant Nirav Modi has been deported from the UAE to India, where he was taken into custody.
The Central Bureau of Investigation (CBI) identified the man as Sandeep Bharat Mistry, a close associate of Modi. Mistry was brought to Mumbai late on Monday (September 28), arriving at 11.55pm, and was immediately taken into CBI custody, according to the agency. He was later produced before a competent court and sent to judicial custody.
His return to India came about two months after Interpol issued a Red Notice against him in July at the CBI’s request. The CBI said Mistry was located and apprehended by UAE authorities before deportation proceedings were initiated in coordination with Indian and UAE authorities.
Mistry is wanted in a case being investigated by the CBI’s Bank Securities and Fraud Branch in Mumbai involving alleged fictitious international trade transactions. According to the CBI, he acted as a key link between several entities allegedly involved in the fraud and oversaw their day-to-day operations.
The agency alleges that Mistry issued instructions through clandestine, self-deleting communication platforms to conceal evidence. It also accused him of helping prepare forged import-export documents designed to create the appearance of fictitious diamond, gold and pearl jewellery trades.
The CBI further alleged that Mistry and other accused persons coerced individuals who were listed as directors of foreign companies, allegedly threatening them with arrest, relocation and seizure of their electronic devices and forcing them to sign documents portraying them as genuine owners of the companies.
The agency also alleged that funds were siphoned from the bank accounts of dummy companies in the UAE. These are allegations contained in the CBI investigation and will be subject to proceedings before the competent court.
What is the Nirav Modi bank fraud case?
The PNB fraud case came to light in 2018 and involved fraudulent Letters of Undertaking issued through Punjab National Bank’s Brady House branch in Mumbai.
Modi, a prominent diamond merchant, became the central figure in the scandal, which involved alleged fraudulent transactions running into thousands of crores of rupees.
The CBI filed a chargesheet against Mistry and other accused in the case. Mistry had also served as a director of Fancy Creations Ltd, a Hong Kong-based company linked to Modi, according to Indian media reports. ICA/Expat Media
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