Nirav Modi’s brother arrested in U.S. in PNB scam case
THE JHARKHAND STORY DESK Washington, July 5: In a major development in the Punjab National Bank (PNB) scam, Nehal Modi —…
THE JHARKHAND STORY DESK
Washington, July 5: In a major development in the Punjab National Bank (PNB) scam, Nehal Modi — brother of fugitive diamantaire Nirav Modi — has been arrested in the United States for his alleged involvement in the multi-crore fraud.
The arrest, which took place on July 4, follows a formal request from India’s Enforcement Directorate (ED) and Central Bureau of Investigation (CBI).
The U.S. Department of Justice confirmed the arrest and stated that extradition proceedings have been initiated. The next hearing in the case is scheduled for July 17.
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Nehal Modi is wanted in India for his alleged role in the ₹13,000 crore PNB scam, one of the biggest banking frauds in the country’s history. Meanwhile, Nirav Modi continues to face extradition proceedings in the United Kingdom.
Facing Charges Under Indian Laws
According to the complaint filed by U.S. prosecutors, Nehal Modi is facing extradition on two key charges: money laundering under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, and criminal conspiracy under Sections 120-B and 201 of the Indian Penal Code (IPC).
Investigating agencies in India have alleged that Nehal Modi actively assisted his brother in laundering and concealing illicit funds. He is accused of routing large sums of illegally acquired money through shell companies and international transactions in an effort to shield the proceeds from enforcement scrutiny.
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Coordinated Effort Between Indian and U.S. Agencies
The arrest marks a coordinated international effort to bring those involved in the high-profile scam to justice. The ED and CBI had earlier furnished detailed case material to U.S. authorities, prompting action under the bilateral extradition treaty between India and the United States.
The development is seen as a boost to India’s efforts to crack down on economic offenders who have fled abroad.
