CBI ARRESTS NIRAV MODI ASSOCIATE AFTER EXTRADITION FROM UAE IN PNB FRAUD CASE

September 29, 2026

The Central Bureau of Investigation (CBI) has arrested Sandeep Mistry, an associate of fugitive businessman Nirav Modi, following his extradition from the United Arab Emirates in connection with the Punjab National Bank (PNB) fraud case. Mistry was brought to Mumbai on September 28 and formally arrested by the agency on September 29, 2026. A special CBI court subsequently remanded him to judicial custody until October 6.

Mistry, who previously served as a director of Fancy Creations Ltd, a Hong Kong-based company associated with Modi, was extradited in compliance with a non-bailable warrant issued by a special court in November 2025. The CBI alleges that he was involved in a criminal conspiracy with Modi and other accused individuals that resulted in the alleged defrauding of PNB of approximately ₹6,498.20 crore.

According to the investigating agency, Mistry and other alleged associates, including Modi’s brother Nehal Modi, threatened individuals serving as directors of companies linked to the businessman in Dubai after the fraud case came to light. The CBI further alleges that some individuals were pressured to relocate to Cairo and that mobile phones were destroyed to eliminate potential evidence. These allegations form part of the ongoing investigation and have not been established as judicial findings.

The PNB fraud case came to public attention in 2018, involving allegations of fraudulent Letters of Undertaking issued through the bank’s Brady House branch in Mumbai, in alleged collusion with certain bank officials. Nirav Modi, his uncle Mehul Choksi and other individuals have faced investigations by the CBI and the Enforcement Directorate over the alleged financial irregularities and related money-laundering activities.

Mistry’s extradition and arrest mark a further development in the investigation into the multi-billion-rupee banking fraud. The CBI’s case against him will proceed through the judicial process as authorities continue their investigation into the alleged roles of individuals and companies connected with the case.