PNB Fraud Case: CBI Arrests Nirav Modi's Close Associate Sandeep Mistry In Dubai, Brings Him To Mumbai For Custodial Interrogation

Mumbai, September 29, 2026: While extradition of Nirav Modi is still prolonged, CBI has arrested one of his close associates, Sandeep Mistry, after he was deported from Dubai early on Tuesday morning in the Punjab National Bank (PNB) fraud case.

Mistry Produced Before CBI Court

Mistry was produced before the special CBI court on Tuesday afternoon after his arrest and related formalities. The special CBI counsel A. Limosin argued that he had been wanted in the case and a warrant was also issued, as was a red corner notice.

CBI claimed that Mistry was a close associate of Modi and was managing and coordinating the operations of Modi's dummy companies in Dubai (UAE) and Hong Kong. He acted as a conduit between the Dubai and Hong Kong entities, supervising their day-to-day functioning and issuing instructions to their staff through clandestine communication systems.

Alleged Role In Dummy Companies

Mistry coordinated the preparation of false import/export documents used to show fictitious trade in diamonds, gold, and pearl jewellery between the Dubai and Hong Kong companies and the three accused Indian firms — Diamonds R US, Solar Exports, and Stellar Diamonds.

CBI has further claimed that, “he was allegedly involved, along with other accused persons, in destruction/removal of electronic devices and data pertaining to the Dubai-based dummy companies and in exercising influence over the dummy directors of such companies. Such conduct demonstrates the possibility of the accused interfering with the evidence.”

Mistry was also alleged to have been involved in siphoning of funds from the accounts of dummy companies in UAE in connivance with Mihir Bhansali, who is still absconding.

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ED Case And Fugitive Plea

However, Mistry has not yet been added as an accused by the Enforcement Directorate in the money laundering case linked to Modi. It is to be seen that several communications and evidence shared by Mistry have been added as evidence in the prosecution complaint filed by ED against Modi and are also used against Modi in his extradition.

Besides this, ED had recently moved a plea to declare Mistry as a fugitive economic offender to confiscate his assets in and outside India.

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