PNB Scam Probe: Sandeep Mistry Extradited From UAE, Sent to Judicial Custody Till October 6

The Central Bureau of Investigation (CBI) has arrested Sandeep Mistry, a former associate of fugitive businessman Nirav Modi, after securing his extradition from the United Arab Emirates (UAE) in connection with the Punjab National Bank (PNB) fraud case.
Mistry was extradited to India on Monday and was formally arrested by the CBI in Mumbai on Tuesday, officials said. He was subsequently produced before a special CBI court. The agency did not seek his custody, following which the court sent him to judicial custody until October 6.
The arrest was carried out pursuant to a non-bailable warrant issued against Mistry by a special court in November 2025.
Former Director of Nirav Modi’s Hong Kong Company
Mistry had served as a director of Nirav Modi's Hong Kong-based company, Fancy Creations Limited.
According to the CBI, Mistry played an active role in an alleged criminal conspiracy with Nirav Modi and other accused persons that resulted in an alleged fraud of approximately ₹6,498.20 crore involving Punjab National Bank.
The agency is investigating Mistry's alleged involvement in the transactions and activities connected with the wider PNB fraud case.
Alleged Attempt to Move Employees Out of Dubai
The CBI has also alleged that after the case was registered in India, Mistry, along with Nirav Modi's brother Nehal and another wanted accused, instructed employees to leave Dubai.
According to the agency, employees associated with Nirav Modi's companies were allegedly told to leave the UAE and travel to Cairo. The CBI has alleged that they were threatened with possible arrest if they did not comply.
The agency further alleges that the accused destroyed their mobile phones in an attempt to eliminate evidence related to the case.
ED and CBI Investigations Underway Since 2018
The Enforcement Directorate (ED) has been investigating money laundering allegations against Nirav Modi, his uncle Mehul Choksi and others since 2018. The CBI is also conducting a separate investigation into the alleged bank fraud.
The accused have been alleged to have carried out a bank fraud of more than US$2 billion, or around ₹13,000 crore, with the alleged involvement of bank officials.
The alleged fraud involved the issuance of fraudulent Letters of Undertaking (LoUs), described as formal bank guarantees, through Punjab National Bank's Brady House branch in Mumbai.
The latest arrest of Sandeep Mistry marks another development in the long-running investigation into the alleged PNB fraud and the role of individuals associated with Nirav Modi's business network.