CBI arrests Nirav Modi aide Sandeep Mistry after UAE extradition in PNB scam
Sandeep Mistry, an associate of Nirav Modi, was arrested by the CBI in Mumbai after being extradited from the UAE in the Punjab National Bank fraud case.
The Central Bureau of Investigation (CBI) has arrested Sandeep Mistry, an associate of fugitive businessman Nirav Modi, after he was extradited from the United Arab Emirates in connection with the Punjab National Bank (PNB) fraud case.
Mistry was brought back on Monday, September 28, 2026, and formally taken into custody in Mumbai the following day. He was then produced before a special CBI court, which sent him to judicial custody until October 6. The agency did not seek his remand.
The arrest followed a non-bailable warrant issued against him by a special court in November 2025.
According to the CBI, Mistry was a director of Fancy Creations Ltd., a Hong Kong-based company owned by Nirav Modi. The agency has alleged that he was an active participant in the criminal conspiracy that led to PNB being cheated of nearly ₹6,498.20 crore.
The CBI has further claimed that Mistry, along with Nirav Modi's brother Nehal and another wanted accused, intimidated dummy directors of several of Modi's firms in Dubai, pressuring them to leave the country after the case was registered in India. The employees were allegedly made to relocate to Cairo under the threat of arrest, and their mobile phones were destroyed to erase evidence, the agency said.
Nirav Modi, his uncle Mehul Choksi and others have been under investigation by the Enforcement Directorate on money laundering charges since 2018, besides facing a CBI probe. They are accused of carrying out a bank fraud of over $2 billion — more than ₹13,000 crore — in collusion with bank officials through fraudulent Letters of Undertaking issued at PNB's Brady House branch in Mumbai.