$2-bn PNB SCAM
New Delhi : The CBI has moved an extradition request to bring back Nishal Modi, the brother of fugitive billionaire Nirav Modi who is accused in $2-billion banking fraud case in Punjab National Bank, officials said on Monday. The request was sent to the Home Ministry on Friday. The Home Minister will send it to Belgium, where Nishal Modi is believed to be holding up, through the External Affairs Ministry, they said.
Nishal Modi, a Belgian national, is already facing an Interpol Red Corner Notice issued on the request of the CBI, they said.
India has extradition treaty with Belgium, they said.
It is alleged that he created dummy partners and was beneficiary of funds siphoned off from Punjab National Bank, they said.
According to the CBI official, the extradition process was initiated after Neeshal Modi was spotted in Belgium. The Interpol had in July issued a Red Corner Notice (RCN) against Nirav Modi, Neeshal and Nirav Modi company’s executive Subhash Parab following CBI request in connection with the PNB fraud. The Interpol website displays Neeshal’s picture, citing charges of criminal conspiracy, criminal breach of trust by public servant, or by banker merchant or agent, cheating and dishonesty including delivery of property apart from offences under the Prevention of Corruption Act.