‘Destroyed proof’: Who’s Nehal Modi? Nirav Modi’s brother held in US on India’s request; how is he linked to PNB rip-off case

Nehal Modi, the youthful brother of fugitive businessman Nirav Modi, was arrested by US authorities following an extradition request from Indian businesses. His arrest befell on 4 July after the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) collectively requested his extradition, in accordance with the USA division of justice.Authorities are searching for his custody on two prices: one in every of cash laundering beneath the Prevention of Cash Laundering Act (PMLA) 2002, and one other of felony conspiracy beneath the Indian Penal Code (IPC). He’s accused of taking part in a serious position within the alleged Rs 13,000 crore Punjab Nationwide Financial institution (PNB) rip-off, one of many greatest banking frauds within the nation’s historical past. Who’s Nehal Modi and his hyperlinks to the PNB rip-off Nehal Deepak Modi was born and introduced up in Antwerp, Belgium, and is fluent in English, Gujarati and Hindi. Nehal, 46, is a key accused within the PNB rip-off, alongside his brother Nirav Modi and their uncle Mehul Choksi. Investigators stated that Nehal helped Nirav transfer and conceal giant quantities of unlawful cash by pretend corporations and abroad transactions. Within the rip-off, Nehal, by his corporations, siphoned off virtually Rs 6,498 crore from the financial institution, fraudulently acquiring Letters of Endeavor (LoUs), whereas his uncle used an analogous methodology to misappropriate the remaining quantity. He has additionally been accused of destroying proof and serving to Nirav Modi “knowingly and deliberately” after the rip-off was uncovered.The CBI accused Nehal Modi of threatening and pressuring administrators of shell corporations in Dubai, which have been utilized by Nirav Modi to make fraudulent commerce dealings seem official.ED claimed that after the rip-off got here to mild, Nehal, together with, Mihir R Bhansali, an in depth confidante of Nirav Modi, transported 50 kg of gold and “substantial money from Dubai.” He additional instructed dummy administrators to not reveal his identification to investigating authorities.Nehal has been named as accused No. 27 in a supplementary chargesheet filed by the CBI, which alleges that he destroyed proof in Dubai to assist conceal the suspected felony conspiracy. In accordance with investigators, these people, staff of Nirav Modi’s corporations, have been pressured to maneuver from Dubai to Cairo, the place their telephones, laptops, and pc servers have been destroyed to eradicate proof. They have been additionally allegedly made to signal false declarations claiming to be the precise homeowners of Dubai and Hong Kong-based companies. These shell corporations have been proven as conducting real export-import enterprise with three of Nirav Modi’s companies: Diamonds R Us, Photo voltaic Exports, and Stellar Diamonds. These entities are accused of wrongfully receiving purchaser’s credit score from overseas banks, backed by pretend Letters of Endeavor (LoUs) fraudulently issued by PNB’s Brady Home department in Mumbai, with the assistance of financial institution insiders.The extradition listening to is scheduled for 17 July 2025, when a standing convention will probably be held. Nehal might apply for bail throughout this session, however US prosecutors have already stated they may oppose it.