Bank fraud case: Nirav Modi's brother Nehal Modi arrested in US
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been arrested in the USA following a request by the CBI and the ED, media reports said.
He was arrested in connection with the multi-crore Punjab National Bank (PNB) scam.
Nehal Modi is a Belgian national.
#BREAKING: Fugitive Nirav Modi’s brother Nehal Modi arrested in US on the basis of extradition request by India’s Enforcement Directorate (ED) & Central Bureau of Investigation (CBI) in the PNB Fraud case. 45 year old Nehal was earlier charged in US with $2.6 million fraud in NY. pic.twitter.com/OaHZoyXzl3
— Aditya Raj Kaul (@AdityaRajKaul) July 5, 2025
He has been arrested five years after he was charged with fraud for allegedly acquiring diamonds worth over $2.6 million from LD Diamonds USA.
Sources told News 18 that Nehal Modi acquired diamonds from the company by falsely claiming they were meant for a deal with Costco—a deal that ultimately never materialised.
He did not honour the payment terms. Modi allegedly pawned and sold the diamonds for his own financial benefit.
Nehal Modi is also named in the chargesheet in the Punjab National Bank (PNB) scam.
He allegedly helped his brother and fugitive Nirav Modi secure fake credit letters in a multi-billion-dollar scheme.
The PNB loan fraud scam came to light in 2018, and it involved fugitive Mehul Choksi, his nephew Nirav Modi and many accomplices.
In April, Mehul was arrested in Belgium.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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