- विज्ञापन -
Washington, July 5: PNB scam accused Nirav Modi’s brother, Nehal Modi, has been arrested in the US. The arrest has been made on the basis of an extradition request from India’s Enforcement Directorate (ED) and Central Bureau of Investigation (CBI). His bail plea will be heard on July 17 in the National District of Honolulu (NDOH). The US Justice Department has confirmed the arrest.
Nehal is accused of defrauding LLD Diamonds USA, one of the world’s largest diamond companies, of more than $2.6 million (about Rs 22 crore). The investigation claims that Nehal Modi fraudulently obtained diamonds from the company on the pretext of finalizing a deal with Costco. But this deal was never completed. After this, Nehal Modi sold those diamonds and mortgaged them for personal gain.
Apart from the diamond fraud, Nehal Modi is accused of being involved in the Rs 13,600 crore PNB scam. The ED and CBI say that Nehal, along with Nirav, siphoned off money through shell companies and destroyed evidence after the scam came to light.
Accused of being involved in PNB scam
Apart from the LLD Diamonds fraud in the US, Nehal Modi is accused of being involved in the Rs 13,600 crore PNB scam.
ED and CBI investigations have revealed that Nehal played an important role in helping Nirav Modi. He helped transfer and hide illegal money using fake companies.
Action is being taken against Nehal Modi on two charges:
How was Nehal arrested?
In 2019, Interpol issued a Red Corner Notice against Nehal, after which his search began globally. CBI and ED had sought his extradition from the US in 2021, as he was reported to be in the US. Recently, US authorities arrested Nehal on India’s request. The arrest took place in Honolulu.
What is the PNB scam and what was Nihal’s role in it?
The PNB scam came to light in 2018, when it was revealed that Nirav Modi and his uncle Mehul Choksi, in collusion with some PNB employees, embezzled Rs 13,600 crore through fake Letters of Undertaking (LoU). This money was transferred to fake companies. Nehal is accused of managing two fake companies of Nirav, in which 50 million dollars (about Rs 350 crore) were transferred.
