The Central Bureau of Investigation (CBI) has arrested Sandeep Mistry, a close aide of fugitive diamond merchant Nirav Modi, following his extradition from the UAE in connection with the multi‑crore Punjab National Bank (PNB) scam.
Mistry was extradited on September 28 and formally arrested in Mumbai the next day. He was produced before a special CBI court, which remanded him to judicial custody until October 6. The agency did not press for his remand, signaling that the investigation is already backed by substantial evidence.
According to the CBI, Mistry played an active role in the criminal conspiracy with Nirav Modi and other accused, cheating PNB to the tune of nearly ₹6,498.20 crore. Officials allege that Mistry helped facilitate fraudulent transactions and supported the network that enabled Modi’s massive financial fraud.
The arrest marks another significant step in India’s efforts to bring back fugitives linked to one of the country’s biggest banking scams. Nirav Modi himself remains in custody in the UK, fighting extradition to India.
The case continues to highlight the challenges of tackling white‑collar crime, cross‑border financial fraud, and ensuring accountability in India’s banking sector.
