Sandeep Mistry arrested in India after deportation from UAE

The Central Bureau of Investigation (CBI) has arrested Sandeep Mistry, a key associate of fugitive diamantaire Nirav Modi, following his deportation from the United Arab Emirates to India.

Mistry, who was the subject of an Interpol Red Notice, was brought to Mumbai on September 28 after coordination between the CBI, the Ministry of External Affairs, and the Ministry of Home Affairs. He is accused of playing a central role in the multi-crore Punjab National Bank (PNB) fraud involving fictitious international trade transactions in diamonds, gold, and jewellery.

Investigators allege that Mistry managed the day-to-day operations of shell companies used to siphon funds and used encrypted, self-deleting communication platforms to evade detection. He is also accused of forging import-export documents and intimidating dummy directors of foreign companies to mask the money trail. A special CBI court has remanded Mistry to judicial custody until October 6.