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World

CBI arrests Nirav Modi aide Sandeep Mistry after UAE extradition in PNB scam case

The CBI has arrested Sandeep Mistry, an associate of fugitive businessman Nirav Modi, in Mumbai after his extradition from the UAE in the multi-crore PNB fraud case; a special court remanded him to judicial custody till 6 October.

By Sarah Whitfield · · 2 min read

The Central Bureau of Investigation has arrested Sandeep Mistry, an associate of fugitive businessman Nirav Modi, after his extradition from the United Arab Emirates in the multi-million-dollar Punjab National Bank fraud case, officials said.

Mistry was extradited on Monday (28 September 2026), and the CBI formally placed him under arrest in Mumbai on Tuesday (29 September). He was produced before a special CBI court the same day, where the agency did not press for his remand. The court remanded Mistry to judicial custody until 6 October. The arrest was made under a non-bailable warrant issued by a special court in November 2025.

Mistry had served as a director of Fancy Creations Ltd, a Hong Kong-based company linked to Nirav Modi. The CBI alleges he played an active role in the criminal conspiracy with Nirav Modi and other accused, in furtherance of which Punjab National Bank was cheated of nearly Rs 6,498.20 crore.

The agency has also claimed that Mistry, along with Nirav Modi’s brother Nehal and another wanted accused, threatened the employees — dummy directors of various firms associated with Nirav Modi in Dubai — forcing them to leave after the case was lodged in India. They were allegedly forced to shift to Cairo under threat of arrest, and destroyed their mobile phones to erase evidence, the CBI alleged.

Nirav Modi, his uncle Mehul Choksi and others have been probed by the Enforcement Directorate on money-laundering charges since 2018 and are also under CBI investigation. They are accused of a bank fraud of over $2 billion (more than Rs 13,000 crore) in connivance with bank officials through fraudulent Letters of Undertaking issued at PNB’s Brady House branch in Mumbai.

Sources

More on this topic: all World stories

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