2 days ago
CBI Brings Nirav Modi Associate Back From UAE
Indian investigators brought Sandeep Mistry from the UAE to India.
They say he helped Nirav Modi-linked companies operate and helped hide evidence.
They also accuse him of creating false documents about diamond, gold and jewellery trades.
Investigators say money was moved from companies in the UAE.
Mistry was arrested and sent to jail custody after appearing in court.
A separate court in London ordered Nirav Modi to repay more than $10.7 million to Bank of India.
Modi’s lawyers argued that the repayment demand and his personal guarantee were not valid.
The London court rejected those arguments and said the bank could enforce the guarantee.
The CBI said Sandeep Mistry, wanted in the Nirav Modi PNB fraud case, was deported from the UAE to India.
Investigators allege Mistry coordinated entities, concealed evidence, arranged forged trade documents and helped move funds from UAE accounts.
A Red Notice was published through INTERPOL in July 2026, after which UAE authorities located and arrested Mistry.
Mistry was taken into CBI custody, produced before a court and sent to jail custody; the case charge-sheet has been filed.
Separately, a London court ordered Nirav Modi to pay more than $10.7 million to Bank of India over a Firestar Diamond FZE loan.
- Who
- The Central Bureau of Investigation, Sandeep Mistry, Nirav Modi, Bank of India and UAE authorities are central to the reports.
- What
- Mistry was deported to India in connection with the Nirav Modi Punjab National Bank fraud case, while a London court ordered Modi to repay Bank of India.
- Where
- Mistry was brought from the United Arab Emirates to India; the repayment dispute was heard by the London Circuit Commercial Court.
- When
- The Red Notice for Mistry was published in July 2026, and he was brought to India approximately two months later. The Bank of India ruling followed loan and demand notices dating from 2012, 2018 and 2025.
- Why
- The CBI alleges Mistry helped facilitate fictitious trade transactions, conceal evidence, forge documents and siphon funds. Bank of India sought repayment after default under a personal guarantee signed by Modi.
Investigators and Bank of India
Nirav Modi’s Legal Position
Mistry’s alleged role
Investigators and Bank of India
The CBI says Mistry was a key link between entities, issued concealed instructions, facilitated forged import-export documents, coerced dummy-company directors and helped siphon funds.
Nirav Modi’s Legal Position
No separate response from Mistry is provided in the article; the allegations remain matters for the criminal proceedings.
Validity of the loan guarantee
Investigators and Bank of India
Bank of India argued that Modi’s personal guarantee required him to repay the loan after the borrowing company defaulted and that demands were properly served.
Nirav Modi’s Legal Position
Modi’s lawyers argued that the guarantee was unenforceable, that the bank had not made a valid demand, and that the bank lacked grounds to accelerate repayment.
Notice and repayment dispute
Investigators and Bank of India
The London court held that the notices were properly served, including the 2025 notice sent to the prison where Modi was held, and allowed enforcement of the guarantee.
Nirav Modi’s Legal Position
Modi claimed he had not received the April 2018 and October 2025 notices because he was not in India at the relevant time; the court rejected that argument.
Key facts
- Accused brought to India
- Sandeep Mistry
- Origin country
- United Arab Emirates
- Investigating agency
- Central Bureau of Investigation
- Red Notice
- Published through INTERPOL in July 2026
- Court-ordered repayment
- More than $10.7 million, or over ₹100 crore
- Lender
- Bank of India
- Borrowing company
- Firestar Diamond FZE
Sources
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