PNB scam: CBI arrests Nirav Modi's aide Sandeep Mistry after extradition from UAE

The Central Bureau of Investigation (CBI) has arrested Nirav Modi's associate, Sandeep Mistry, after his extradition from the UAE in connection with the massive Punjab National Bank (PNB) scam, according to officials. Mistry was formally placed under arrest in Mumbai on September 29, following his extradition on September 28. The CBI subsequently presented Mistry before a special CBI court, but did not seek his remand. The court remanded Mistry to judicial custody until October 6.

Mistry, who had served as the director of Fancy Creations Ltd., a Hong Kong-based company owned by Nirav Modi, was arrested under a non-bailable warrant issued by a special court in November 2025. The CBI alleges that Mistry played an active role in a criminal conspiracy involving Nirav Modi and others, in which the Punjab National Bank was defrauded of approximately ₹6,498.20 crore.

The agency also claims that Mistry, along with Nirav Modi's brother Nehal and another accused, threatened dummy directors of various firms associated with Nirav Modi in Dubai to leave the country after the case was filed in India. These individuals were allegedly forced to relocate to Cairo under the threat of arrest if they did not comply. The CBI further alleges that the accused destroyed their cellphones to destroy evidence.

Nirav Modi, his uncle Mehul Choksi, and others are currently being investigated by the Enforcement Directorate (ED) on charges of money laundering and are also under CBI investigation for the alleged ₹13,000 crore bank fraud involving fraudulent Letters of Undertaking (LoUs) at the Brady House PNB branch in Mumbai.