PNB scam: CBI arrests Nirav Modi aide Sandeep Mistry after extradition from UAE

The CBI alleged that Mistry played an active role in a criminal conspiracy with Nirav Modi and other accused persons in whose support the Punjab National Bank was defrauded of nearly ₹6,498.20 crore. | Photo credit: Reuters

The Central Bureau of Investigation (CBI) has arrested fugitive businessman Nirav Modi’s associate Sandeep Mistry following his extradition from the United Arab Emirates in connection with the multi-million dollar Punjab National Bank (PNB) fraud, officials said.

After the release on Monday (September 28, 2026), the CBI formally arrested Mistry in Mumbai on Tuesday (September 29). The agency subsequently produced him before a special CBI court but did not press for his remand.

The court then sent Mistry to judicial custody till October 6.

The arrest was made pursuant to a non-payment order issued by a special court in November 2025.

Mistry served as a director of Fancy Creations Ltd., Nirav Modi’s Hong Kong company.

The central agency also alleged that Mistry, along with Nirav Modi’s brother Nehal and another wanted accused, had threatened employees — fake directors of various firms linked to Nirav Modi in Dubai — to quit after the case was filed in India.

They were reportedly forced to move to Cairo under the threat of being arrested as well. The accused also destroyed their mobile phones to wipe the evidence, the CBI alleged.

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

Published – 29 Sep 2026 16:15 IST