The Interpol may soon expedite the case against Nirav Modi's brother Nehal Modi, a Belgium national and co-accused in the Rs 13,000 crore fraud involving Punjab National Bank. His plea challenging the Interpol notice has reportedly been rejected and is now available for public view. Based on the evidence provided by the Central Bureau of Investigation and Enforcement Directorate, the Interpol had issued the red notice against Nehal in September 2019. He challenged the notice in October 2019, following which it was disabled from public view.
Nehal reportedly handled Nirav Modi's Twin Fields Investments Limited and Bailey Bank and Biddle, and allegedly laundered over $100 million for his brother. All these companies allegedly received around $50 million from Nirav Modi's dummy companies.
As per the ED, Nehal also became the protector and investment advisor of 'The Ithaca Trust' for Nirav Modi. The trust also received over $30 million worth laundered funds from Nirav Modi-led companies. Indian probe agencies have also accused Nehal Modi of destroying key evidence in the PNB case. They have filed chargesheets against him at a special PMLA court in Mumbai. The court has also issued two separate open-ended Non-Bailable Warrants against Nehal Modi.
Before Nehal Modi, the Interpol had issued red corner notices against Nirav Modi, brother Nishal Modi and sister Purvi Modi. While Nirav Modi was arrested in March 2019, the Interpol could now arrest his other family members. Nirav, who is in London jail, is fighting extradition to India at the Westminster Magistrates Court in London.