CBI arrests Sandeep Mistry after UAE extradition 6,498.20cr PNB scam
Sandeep Mistry, who worked closely with fugitive businessman Nirav Modi, has been arrested by the Central Bureau of Investigation after being extradited from the United Arab Emirates.
He landed in Mumbai on Monday and is now in judicial custody till October 6.
Mistry is accused of helping pull off the massive Punjab National Bank (PNB) scam, which cost the bank nearly ₹6,498.20 crore.
Sandeep Mistry accused of destroying cellphones
Mistry was a director at Nirav Modi's Hong Kong-based company and allegedly played a key role in defrauding PNB.
According to investigators, he, along with the employees, dummy directors of various firms associated with Modi in Dubai, allegedly threatened to relocate, and the accused had also destroyed their cellphones to erase evidence.
This arrest is part of a bigger probe into an over $2 billion (more than ₹13,000 crore) bank fraud involving fake letters of undertaking that has been under investigation since 2018.