Archive · 29 Sep 2026
CBI Arrests Nirav Modi Aide After UAE Extradition
Sandeep Mistry is accused of being involved in the Punjab National Bank fraud case.
He was brought from the United Arab Emirates to Mumbai.
The Central Bureau of Investigation arrested him there.
Mistry had been a director of a company connected to Nirav Modi.
Investigators say the company was part of a plan that cheated the bank of nearly Rs6,498.20 crore.
They also say Mistry and two other people threatened company employees in Dubai.
Some employees were allegedly told to move to Cairo because they might be arrested.
Investigators further allege that mobile phones were destroyed to hide evidence.
A court sent Mistry to judicial custody until October 6, although reports differ on whether the CBI initially planned to seek custody for questioning.
Sandeep Mistry was extradited from the United Arab Emirates and arrested by the Central Bureau of Investigation in Mumbai in the Punjab National Bank fraud case.
Mistry, a former director of Hong Kong-based Fancy Creations Ltd., was formally arrested after a non-bailable warrant issued in November 2025.
The CBI alleges he participated in a conspiracy that defrauded Punjab National Bank of nearly Rs6,498.20 crore.
Prosecutors allege Mistry, Nehal Modi and Mihir Bhansali threatened dummy directors in Dubai and forced some to move to Cairo.
The CBI alleges mobile phones were destroyed to erase evidence; Mistry was sent to judicial custody until October 6 after the agency did not seek remand.
- Who
- The Central Bureau of Investigation arrested Sandeep Mistry, an associate of Nirav Modi; prosecutors also name Nehal Modi and Mihir Bhansali.
- What
- Mistry was extradited from the United Arab Emirates and arrested in connection with the Punjab National Bank fraud case.
- When
- He was extradited on Monday and formally arrested on Tuesday; the reports do not provide calendar dates, while a warrant was issued in November 2025.
- Where
- Mistry was brought to Mumbai from the United Arab Emirates; the alleged threats occurred in Dubai and the employees were allegedly told to move to Cairo.
- Why
- The CBI alleges that Mistry helped carry out a bank-fraud conspiracy and participated in threats and alleged destruction of evidence.
- Accused
- Sandeep Mistry
- Related company
- Fancy Creations Ltd., a Hong Kong-based company linked to Nirav Modi
- Alleged fraud amount
- Nearly Rs6,498.20 crore
- Extradition route
- From the United Arab Emirates to Mumbai
- Court action
- Sent to judicial custody until October 6
- Warrant
- A non-bailable warrant was issued in November 2025
- Other accused named
- Nehal Modi and Mihir Bhansali