PNB fraud case: CBI brings back Nirav Modi’s close aide to Mumbai, to seek custody 

Close aide of fugitive diamantaire Nirav Modi, Subhash Shankar, has been brought back to Mumbai by the Central Bureau of Investigation (CBI) after being nabbed in Cairo. Shankar was nabbed by the central agency in a major operation.

Shankar had been on the run since the case was registered in 2018 and was hiding in Cairo. He will soon be produced in a Mumbai CBI court in connection with the PNB fraud case. The central agency will also seek his custody, as per an India Today report.

A CBI official told news agency ANI, “He is a close aide of absconding diamantaire Nirav Modi. He used to work as Deputy General Manager in one of the companies of Nirav Modi. We will get more information into the case during his questioning.”

Interpol had issued a red corner notice against Nirav, his brother Nishal Modi and employee Subhash Shankar at the request of the CBI in 2018. Parliament was informed in December last year that 33 accused in bank fraud cases registered by the CBI fled the country in the last five years.

Nirav Modi is accused of fraud and money laundering in the $2 billion Punjab National Bank (PNB) scam case. Modi is faced with two criminal proceedings – CBI case related to PNB fraud via letters of undertaking (LOUs) or loan agreements and ED case related to laundering the proceeds from this fraud.

He also faces charges related to “causing the disappearance of evidence” and intimidating witnesses or “criminal intimidation to cause death”, added to the CBI case.

(With inputs from Divyesh Singh, ANI)