&imwidth=800&imheight=600&format=webp&quality=medium "PNB Scam: CBI arrests Nirav Modi associate Sandeep Mistry after extradition from UAE")
The Central Bureau of Investigation (CBI) has arrested fugitive businessman Nirav Modi's associate Sandeep Mistry after he was extradited from the UAE, linked to a multi-million-dollar PNB scam, officials said. Following the extradited on Monday (September 29), the CBI officially placed Mistry under arrest in Mumbai on Tuesday.
In response, he was subsequently brought before a special CBI court by the agency; however, it did not press for his remand. Later, the court remanded Mistry to judicial custody till October 6. His arrest came after a special court issued a non-bailable warrant in November 2025. The CBI accused Mistry of playing a key role in the criminal conspiracy with Modi and other accused persons, resulting in the Punjab National Bank being cheated of nearly Rs 6,498.20 crore.
The agency has also claimed that Mistry, along with Modi's brother Nehal and another wanted accused, had threatened the employees, including dummy directors of various firms linked with Modi in Dubai, where he was asked to leave after the case was lodged in India. The CBI alleged that they were forced to relocate to Cairo under the threat of arrest, and that the accused had destroyed their cellphones to destroy evidence.
All the charges against Sandeep Mistry
Nirav Modi, his uncle Mehul Choksi and others have been under investigation by the Enforcement Directorate (ED) on money laundering charges since 2018, and are also facing a CBI probe. They are accused of orchestrating a bank fraud exceeding USD 2 billion (more than Rs 13,000 crore), carried out in collusion with bank officials through fraudulent Letters of Undertaking (LoUs) issued at the Brady House branch of Punjab National Bank in Mumbai.
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According to CBI, Sandeep Mistry is wanted in the Nirav Modi Scam case (PNB fraud case) registered by CBI, BSFB, Mumbai, for his involvement in a bank fraud case involving fictitious international trade transactions. The agency noted that he acted as a key link between various entities, overseeing their day-to-day operations and issuing instructions through clandestine, self- deleting communication platforms to conceal evidence. He also facilitated the preparation of forged import-export documents to portray fictitious trade in diamonds, gold and pearl jewellery.
“Further, he, along with other accused persons, coerced dummy directors of foreign companies by threatening them with arrest, relocating them to other places, seizing their electronic devices and compelling them to sign documents falsely portraying them as genuine owners of the companies. He has also participated in siphoning off funds from the bank accounts of dummy companies in the UAE. The charge-sheet in the case has been filed before the competent court,” the agency wrote in an official note.
