Nehal Modi Taken Into Custody
Nehal Deepak Modi, brother of fugitive Nirav Modi, was arrested in the United States on July 4, following an extradition request from India. He faces charges of money laundering, criminal conspiracy, and destroying evidence linked to the ₹13,500 crore Punjab National Bank scam.
Background Details
- Nehal Modi is a Belgian national.
- US Department of Justice issued two charges under money-laundering laws and conspiracy.
- He allegedly helped hide and move illegal funds through shell companies and foreign transfers.
- He is also accused of destroying records and removing 50 kg of gold from Dubai.
Next Steps
- Extradition proceedings are underway in US courts.
- He could be brought to India to face trial under CBI and ED charges.
This arrest is a significant development in India’s efforts to prosecute those involved in one of the country’s largest banking frauds.