The CBI, probing the alleged Rs 13,500-crore PNB scam, has initiated extradition proceedings against Neeshal Modi, brother of fugitive jeweller Nirav Modi. It has sent a request to Ministry of Home Affairs, which is likely to forward it to Belgium —where Neeshal is suspected to be staying — through the Ministry of External Affairs.
In its chargesheet in the case, the CBI has accused both Nirav Modi and Neeshal in the scam. The agency had earlier issued a Red Notice against the two in the case and issued extradition proceedings against Nirav Modi, who is suspected to be in UK.
Nirav Modi is accused of siphoning off over Rs 6,000 crore from PNB through issuance of fraudulent Letters of Undertaking (LoUs) between 2011 and 2017. Over Rs 4,000 crore of the amount was allegedly laundered by the fugitive diamantaire through a maze of shell companies owned or controlled by his family members, including Neeshal.
CBI sources said, Neeshal, a Belgian national, was involved in moving the money siphoned off by Nirav Modi from PNB abroad. “Several shell companies, through which Nirav Modi moved his money, are associated with Neeshal,” a CBI official said.
Investigations by The Indian Express had revealed that at least nine firms associated with Nirav Modi were incorporated in 2010, but did not carry out any business before they were shut down in 2012. Records show Neeshal was a director in all these nine firms.