Nehal Modi Arrested in Major Breakthrough in PNB Bank Fraud Case

Nehal Modi, brother of the absconding diamond merchant Nirav Modi, has been arrested in the United States. This development comes after the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) made an extradition request, which U.S. authorities acted upon. Nehal Modi is accused of facilitating the laundering of funds involved in the multi-billion-rupee Punjab National Bank fraud case.

Sources indicate that Nehal Modi not only helped hide the proceeds of the crime but also tampered with evidence and manipulated records. He allegedly removed 50 kg of gold from Firestar Diamond FZE, Dubai, and orchestrated the transfer of diamonds and other assets worth millions from Hong Kong. As per officials, he also compelled associates to destroy digital evidence and coerced witnesses, at times offering bribes for false testimonies.

The U.S. Department of Justice's action is significant in tightening the legal noose around the high-profile PNB case, with Nehal Modi playing a pivotal role alongside his brother. Charges against him include money laundering and criminal conspiracy, posing as a key figure in this global financial scandal. The upcoming extradition hearing is slated for July 17, 2025, where bail considerations will likely be contested by the U.S. prosecution.

(With inputs from agencies.)