The United States Department of Justice has informed Indian authorities that Nehal Modi, brother of fugitive economic offender Nirav Modi, was arrested by US authorities on Friday. The arrest has been made following an extradition request jointly submitted by the Enforcement Directorate and the Central Bureau of Investigation.
ED said that as per the complaint filed by US prosecution, extradition proceedings are being pursued on two counts – one count of money laundering and one count of criminal conspiracy. Nehal Modi is wanted in India in connection with the multi-billion-dollar Punjab National Bank fraud case, one of the largest banking scams in the country’s history. Investigations by the ED and CBI have revealed that Nehal Modi played a key role in laundering proceeds of crime on behalf of Nirav Modi, who is also facing extradition from the UK. He is alleged to have assisted in concealing and transferring large sums of illicit funds through a web of shell companies and overseas transactions.
The next date of hearing in the extradition proceedings is scheduled for 17th of July, when a status conference will be held. Nehal Modi may apply for bail during this hearing, which the US prosecution has stated it will oppose.
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