The Central Bureau of Investigation (CBI) has arrested fugitive businessman Nirav Modi's associate Sandeep Mistry following his extradition from the UAE in connection with a multi-million-dollar PNB scam. According to reports from PTI, Mistry was extradited on Monday and formally placed under arrest in Mumbai on Tuesday. The agency subsequently produced him before a special CBI court, but did not press for his remand. Following the hearing, the court remanded Mistry to judicial custody till October 6. The arrest was made in compliance with a non-bailable warrant issued by a special court in November 2025.
Mistry had served as the director of Fancy Creations Ltd, a Hong Kong-based company of Nirav Modi. As reported by PTI, the CBI alleged that Mistry played an active role in the criminal conspiracy with Modi and other accused persons, in furtherance of which the Punjab National Bank was cheated to the tune of nearly ₹6,498.20 crore. The central agency has further alleged that Mistry, along with Modi's brother Nehal and another wanted accused, threatened employees who were acting as dummy directors of several firms associated with Modi in Dubai after the case was registered in India. According to PTI, the employees were allegedly forced to move to Cairo after being threatened with arrest.
The central agency has also claimed that Mistry, along with Modi's brother Nehal and another wanted accused, had threatened the employees - dummy directors of various firms associated with Modi in Dubai - to leave after the case was lodged in India. According to PTI, they were allegedly forced to shift to Cairo under the threat that they also could be arrested. The accused had also destroyed their cellphones to erase evidence, the CBI alleged. This destruction of evidence is part of the broader pattern of obstruction of justice in the case.
Nirav Modi, his uncle Mehul Choksi and others are being probed by the Enforcement Directorate (ED) on money laundering charges since 2018 and also facing investigation by the CBI. As reported by PTI, they are accused of perpetrating an over USD 2 billion (more than ₹13,000 crore) bank fraud in connivance with bank officials and by issuance of fraudulent Letters of Undertaking (LoUs) at the Brady House PNB branch in Mumbai. The alleged fraud involved the issuance of fraudulent Letters of Undertaking (LoUs) through the Brady House branch of PNB in Mumbai. The CBI's case against Mistry relates to his alleged role in the conspiracy surrounding the fraud, while the non-bailable warrant issued in November 2025 paved the way for his arrest following his extradition from the UAE.
