Who is Nehal Modi? Nirav Modi's brother arrested in US, he is accused of...
Nehal Deepak Modi arrested: In a significant development, Nehal Deepak Modi, fugitive diamantaire Nirav Modi's younger brother was arrested in the United States following an extradition request from the Indian Central agencies. As per a report by IANS new agency, Nehal Modi was arrested on July 4 in the US by local authorities acting on a Red Corner Notice issued by Interpol at the request of Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED). For those unversed, Nehal Deepak Modi is is the younger brother of fugitive offender Nirav Modi. Who is Nehal Deepak Modi?
Born in Belgium, Nehal Deepak Modi is is the younger brother of Nirav Modi. As per media reports, Nehal is accused of playing a crucial role in the Nirav Modi-Mehul Choksi PNB fraud. Moreover, reports also accuse him of concealment of illicit funds and moderated fake companies along with cross-border transactions.
As per Indian authorities, Nehal Modi is accused of playing a crucial role in helping his elder brother, Nirav destroying key evidence, intimidate witnesses and obstruct the investigation in the aftermath of the scandal. What is Nehal Modi accused of?
Nehal is accused of laundering black money earned from this PNB scam that became a national headline in 2018, with the help of his brother. According to investigators, he funnelled illicit funds through shell firms and transactions done abroad.
It is pertinent to note here that the PNB scam is estimated to have caused losses of over Rs 13,500 crore to the Indian banking system. Of this, Nirav Modi is accused of siphoning off Rs 6,498.20 crore, while his uncle Mehul Choksi is alleged to have diverted Rs 7,080.86 crore. How Nirav Modi and Mehul Choksi fled India?
Both Nirav Modi and his uncle Choksi fled India in January 2018, weeks before PNB reported the irregularities to the law enforcement. Both of them face several cases, with Nirav Modi, arrested in UK in 2019 and remaining in custody in a London prison while Choksi, who is now in Antigua, faces separate proceedings including a challenge to his citizenship.
(With inputs from agencies)
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