Nehal Modi, brother of fugitive diamond trader Nirav Modi, has been arrested in the United States in connection with the multi-billion-dollar Punjab National Bank ( PNB) fraud case.
His arrest was carried out on July 4 following extradition requests filed by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), according to the US Department of Justice.
Indian authorities have been seeking Nehal Modi’s extradition on serious charges of money laundering and criminal conspiracy linked to the country’s largest-ever banking scam. He is alleged to have played a central role in helping Nirav Modi launder proceeds of the fraud, routing illicit funds through shell companies and offshore transactions.
According to the complaint filed by US prosecutors, the extradition is being pursued on two counts: one under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, and another under Sections 120-B and 201 of the Indian Penal Code (IPC) for criminal conspiracy and destruction of evidence.
Nehal Modi is accused of aiding in concealing and transferring proceeds of crime through an international network of entities, in violation of Indian financial laws. His brother Nirav Modi, the primary accused in the PNB case, is currently facing extradition proceedings in the United Kingdom.
The next hearing in Nehal Modi's extradition case is scheduled for July 17, 2025. A status conference will be held on that date, where he may seek bail — a move the US prosecution has already said it intends to oppose.
The PNB scam, estimated at over $2 billion, involved fraudulent Letters of Undertaking issued by the bank to companies linked to Nirav Modi and his associates, sparking one of the largest crackdowns on financial crime in India’s history.
(With inputs from ToI)
His arrest was carried out on July 4 following extradition requests filed by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), according to the US Department of Justice.
Indian authorities have been seeking Nehal Modi’s extradition on serious charges of money laundering and criminal conspiracy linked to the country’s largest-ever banking scam. He is alleged to have played a central role in helping Nirav Modi launder proceeds of the fraud, routing illicit funds through shell companies and offshore transactions.
According to the complaint filed by US prosecutors, the extradition is being pursued on two counts: one under Section 3 of the Prevention of Money Laundering Act (PMLA), 2002, and another under Sections 120-B and 201 of the Indian Penal Code (IPC) for criminal conspiracy and destruction of evidence.
Nehal Modi is accused of aiding in concealing and transferring proceeds of crime through an international network of entities, in violation of Indian financial laws. His brother Nirav Modi, the primary accused in the PNB case, is currently facing extradition proceedings in the United Kingdom.
The next hearing in Nehal Modi's extradition case is scheduled for July 17, 2025. A status conference will be held on that date, where he may seek bail — a move the US prosecution has already said it intends to oppose.
The PNB scam, estimated at over $2 billion, involved fraudulent Letters of Undertaking issued by the bank to companies linked to Nirav Modi and his associates, sparking one of the largest crackdowns on financial crime in India’s history.
(With inputs from ToI)
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