Nirav Modi aide Subhash Parab Got Arrested

Nirav Modi aide Subhash Parab Got Arrested

Mumbai, 12th April, 2022:  There are high hopes of getting Nirav Modi to be brought soon. As, Subhash Shankar Parab, a close associate of fugitive jeweller Nirav Modi, was deported from Egypt today by the Central Bureau of Investigation (CBI), official sources said. Parab, who fled to Cairo in 2018, landed in Mumbai early this morning after deportation, and he will be produced in a CBI court today noon.

He is the key accused in the ₹ 7,000 crore Nirav Modi bank fraud case. Subhash, who was the Deputy General Manager (Finance) in Firestar Diamond, could spill the beans on the country's biggest financial scam in the state-run Punjab National Bank (PNB) allegedly perpetrated by Nirav Modi and Mehul Choksi with a combined loss of ₹ 13,000 crore, officials said.

While Neerav is in a London prison after repeated denial of bail and is contesting extradition to India, Mehul Choksi had taken the citizenship of Antigua and Barbuda in 2017 using the Citizenship by Investment programme even before fleeing India in the first week of January 2018. The investigations revealed that messages for fraudulent Letters of Undertaking (LoU) were sent to overseas banks by misusing Society for Worldwide Interbank Financial Telecommunications (SWIFT), an international messaging system for banking, and without making their subsequent entries in PNB's internal software 'Finacle', thus bypassing any scrutiny of such funds in the bank.

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