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Accused No 27: ‘Transported 50 kg gold’ and more, what chargesheets against Nirav Modi's brother Nehal say
US authorities arrest Nehal Modi, accused of destroying evidence and laundering money for his brother Nirav in a high-profile bank fraud case
Born and raised in Belgium's Antwerp, Nehal Deepak Modi is a high-profile diamond merchant, a global citizen fluent in English, Gujarati and Hindi, and fugitive fraudster now arrested in the US on India's request.
He is also Accused Number 27 in a chargesheet by India's Central Bureau of Investigation (CBI) that accuses him of destroying evidence to cover up a criminal conspiracy.
At the core of this conspiracy is his brother Nirav Modi, who is in jail in the UK, and over ₹13,000 crore in fraudulent loans taken from the government-run Punjab National Bank (PNB).
Also read: Who is Nehal Modi, arrested in US? His loan-and-pawn diamond fraud runs wide
US authorities have arrested Nehal, 46, eight years younger to brother Nirav, on extradition pleas by India's Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), officials said on Saturday.
His next hearing is on July 17, when he may seek bail, which is expected to be opposed by US prosecutors, officials said, according to news agency PTI.
In the proceedings in the US, two charges are primary: of money laundering and criminal conspiracy.
The investigation agencies say Nirav Modi had, through his companies, embezzled ₹6,498 crore from PNB, while the remaining amount was misappropriated by his uncle Mehul Choksi in a similar modus operandi.
‘Forced directors to lie, relocate’
Nehal laundered the proceeds of the crime on behalf of Nirav through a web of shell companies and offshore transactions, as per the ED.
He transported 50 kg of gold and “substantial” cash from Dubai, the chargesheet says.
In a supplementary chargesheet submitted by the CBI, he is ‘accused number 27’ for destroying evidence in Dubai.
The CBI says Nehal Modi intimidated directors of Dubai-based shell companies used by Nirav Modi to “give a veneer of legitimacy” to a fraudulent trade, PTI has reported.
These “intimidated” people, employees of Nirav Modi's companies, were “coerced” into relocating from Dubai to Cairo, during which their phones, laptops and computer servers were destroyed to erase evidence.
