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Key Highlights:
- Nehal Deepak Modi, brother of fugitive diamond merchant Nirav Modi, arrested in the U.S. on extradition request from India.
- Arrest made based on an Interpol Red Corner Notice.
- Accused of helping Nirav destroy evidence and laundering money in the PNB scam.
- The PNB fraud is estimated at ₹13,500 crore; Nirav allegedly stole ₹6,498 crore and Mehul Choksi ₹7,080 crore.
- Next court hearing set for July 17; bail likely to be denied.
- Both Nirav Modi and Mehul Choksi fled India in 2018; currently fighting extradition.
In a major development in the high-profile Punjab National Bank (PNB) fraud case, Nehal Deepak Modi — the brother of absconding businessman Nirav Modi — has been arrested in the United States. His arrest comes after Indian authorities requested his extradition over his alleged involvement in the massive bank scam.
Nehal, who holds Belgian citizenship, was taken into custody on July 4 by U.S. law enforcement officials acting on a Red Corner Notice issued by Interpol. This notice was requested by India’s Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), which are leading the probe into the fraud.
The arrest follows years of legal battles in which Nehal tried to get the Red Corner Notice against him canceled but failed.
What Is He Accused Of?
Nehal is accused of helping his elder brother Nirav Modi:
- Destroy important evidence related to the case,
- Threaten witnesses to stop them from cooperating with investigators,
- And laundering black money earned through the fraud.
According to the investigation, Nehal played a key role in moving illegal money abroad using fake companies and complex financial transactions .
About the PNB Scam
The PNB fraud came to light in early 2018 and is considered one of India’s biggest banking scams. It involved Nirav Modi and his uncle Mehul Choksi allegedly cheating the bank of over ₹13,500 crore (around $2 billion) through fraudulent Letters of Undertaking (LoUs) .
- Nirav Modi is accused of siphoning off ₹6,498 crore.
- Mehul Choksi is alleged to have taken ₹7,080 crore.
Both businessmen fled India in January 2018 , just before the bank reported the fraud to the authorities.
Where Are Nirav Modi and Mehul Choksi Now?
- Nirav Modi was arrested in the UK in March 2019 and is currently in prison there while fighting extradition to India.
- Mehul Choksi is in Antigua and is also facing legal action, including a challenge to his Antiguan citizenship.
What Happens Next?
Nehal Modi’s next court hearing in the U.S. is scheduled for July 17 . His lawyers may file a bail application , but the U.S. prosecution has already indicated it will oppose any move to release him.
His arrest marks another step forward in India’s long effort to bring all those involved in the PNB scam to justice.
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