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Nehal Modi who is the younger brother of fugitive businessman Nirav Modi has been arrested in the US on Saturday. The arrest of Nehal who is implicated in the Punjab National Bank (PNB) scam took place after extradition request by India’s Central Bureau of Investigation (CBI) and Enforcement Directorate (ED).
Nehal Modi Charged For Defrauding
Nehal was indicted in 2020 for allegedly defrauding one of the world’s largest diamond companies in Manhattan. According to reports he obtaained diamonds valued at over $2.6 million through fraudulent means.
The United States Department of Justice has confirmed the arrest of Nehal Modi stating that arrest was made pursuant to the extradition petition.
Extradition proceedings are underway on two charges, according to the complaint filed by US prosecutors. These charges include money laundering under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, and criminal conspiracy under Sections 120-B and 201 of the Indian Penal Code (IPC).
Nehal Modi’s Role in PNB Scam
Indian authorities have been seeking the extradition of Nehal Modi in connection with the multi-billion-dollar PNB fraud case. the case is considered one of the largest banking scams in India’s history.
ED and CBI investigations have identified him as a key figure in laundering illicit funds on behalf of his brother Nirav Modi,. Nirav is is also fazing extradition proceedings from the United Kingdom.
This is a developing story.
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