New Delhi, Jul 5: Nehal Modi, brother of fugitive businessman Nirav Modi, has been arrested in the United States in connection with the multi-billion-dollar Punjab National Bank (PNB) fraud case, reports national media.
His arrest on July 4 follows an extradition request submitted by Indian authorities, including the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI).
US authorities confirmed that the extradition proceedings are based on charges of money laundering under the Prevention of Money Laundering Act (PMLA), 2002, and criminal conspiracy under sections of the Indian Penal Code, repors TOI.
Investigators allege that Nehal Modi played a central role in laundering proceeds from the PNB fraud and aided in concealing evidence after the scam came to light. He is also accused of facilitating the movement of illicit funds and gold through shell companies and overseas transactions. Nehal Modi, who holds Belgian nationality and was raised in Antwerp, was named in charge sheets filed by the ED. He is alleged to have acted in coordination with Nirav Modi and their uncle Mehul Choksi, both also under investigation in the case. A status hearing in the US extradition case is scheduled for July 17, during which Nehal Modi may seek bail. US prosecutors have indicated they will oppose his release.
