Nirav Modi's Brother Arrested over $1.85bn PNB Fraud
July 08, 25
(IDEX Online) - Nehal Modi, younger brother of fugitive diamantaire Nirav Modi, has been arrested in the US for his alleged role in the $1.85bn Punjab National Bank (PNB) fraud case.
He faces extradition to stand trial in India, where he is accused of helping to conceal and transfer illicit funds through a network of shell companies and cross-border transactions, and of destroying evidence after the scam was exposed.
His brother Nirav Modi and uncle Mehul Choksi are both key suspects in the fraud, which was exposed in 2018.
Nehal Modi, aged 46, (pictured) was arrested last Friday (4 July) after completing a prison term of almost three years for convicted for a $2.6m diamond fraud to obtain gems from Lev Leviev Diamonds.
His next court hearing in the US is scheduled for next Thursday (17 July). US prosecutors have indicated they will oppose bail.
Interpol issued a Red Notice against him at the request of India's Central Bureau of Investigation (CBI) back in 2021, but it could only be executed once he was freed from prison.
Modi's older brother Nirav, aged 54, is currently in a UK prison, fighting extradition over the PNB fraud.
Mehul Choksi, aged 66, another key suspect, was arrested in Antwerp in April, and is also fighting extradition.