Mumbai A particular Central Bureau of Investigation (CBI) court docket on Tuesday remanded Subhash Shankar Parab, a detailed affiliate of fugitive diamond dealer Nirav Modi, to CBI custody until April 26.
Parab, the 16th accused to be arrested within the huge fraud at Punjab Nationwide Financial institution (PNB), was deported to India from Cairo, Egypt. CBI officers took him in custody after he landed at Mumbai Worldwide Airport early on Tuesday morning. The 50-year-old was detained at Cairo airport on the premise of a Pink Nook Discover issued for his arrest, when he was planning to maneuver out of the Egyptian capital.
Later within the day, CBI produced Parab earlier than the particular court docket the place particular prosecutor A Limosin sought his 14-day custody, contending that Parab had left India on January 1, 2018 together with prime accused Nirav Modi and his members of the family – simply 4 weeks earlier than the company registered first FIR within the case on January 31, 2018.
Parab, in accordance with the CBI, was the top of finance division at Nirav Modi’s Firestar Worldwide from 2015 and taken care of banking-related actions of the three Firestar group corporations — M/s Diamonds R US, M/s Stellar Diamond and M/s Photo voltaic Exports.
The company claimed that each one functions for fraudulently obtained Letters of Undertakings (LoUs) from PNB and paperwork annexed to the functions have been ready on Parab’s directions. The company additional claimed that Parab used to switch funds from the agency’s financial institution accounts to private financial institution accounts of Nirav Modi and his members of the family and others, as per Modi’s directions.
“He was a detailed confidante of major accused Nirav Modi and was instantly reporting to him and had data of the fraudulent actions,” mentioned CBI’s plea searching for his custody remand.
“He actively conspired with different co-accused individuals together with financial institution officers for issuance of fraudulent LoUs on behalf of the mentioned three corporations, with out fulfilling requisite financial institution pointers for wrongful achieve to the three corporations of Nirav Modi and corresponding wrongful loss to PNB,” it added.
CBI had on January 31, 2018, registered a case in opposition to Nirav Modi, his Firestar group, his brother Nishal, uncle Mehul Choksi, a number of others, together with some officers of the general public sector financial institution for allegedly defrauding the general public sector financial institution.
Investigation by the CBI has revealed that between 2011 and 2017, in all 1,214 LoUs totalling to USD 3731110331 (roughly ₹23,780 crore) have been fraudulently issued by PNB to numerous abroad banks to finance imports by Modi’s corporations – Diamonds R US, Stellar Diamonds and Photo voltaic Exports.
Of the LoUs, 150- totalling to ₹6,498.20 crore and leading to lack of ₹6,805.24 crore to PNB – have been excellent when the rip-off broke out in January 2018.
The probe additionally revealed that Modi’s maternal uncle Mehul Choksi had duped PNB to the tune of ₹7,080 crore, utilizing the identical modus operandi.
