PNB loan fraud: Fugitive Nirav Modi’s close aide in scam, Subhash Shankar brought to India

In 2018, Interpol issued a Red Corner Notice against Nirav, his brother Nishal Modi and his employee Subhash Shankar Parab on the request of the CBI

PGurus Newsdesk

April 12, 2022

In 2018, Interpol issued a Red Corner Notice against Nirav, his brother Nishal Modi and his employee Subhash Shankar Parab on the request of the CBI

Nirav Modi’s close aide Subhash Shankar Parab deported to India by CBI

In a major crackdown in the Punjab National Bank (PNB) fraud case, Subhash Shankar, a close aide of fugitive diamantaire Nirav Modi has been deported to Mumbai from Egypt by the Central Bureau of Investigation (CBI) in connection with the Rs.7,000 crore bank fraud case PNB involving Mehul Choksi and others.

Shankar was DGM Finance in Nirav Modi’s company who fled abroad along with Nirav Modi and Mehul Choksi in 2018. He is considered to be the most trusted person of Nirav Modi and handled his entire business.

The CBI had filed a charge sheet against him four years ago on the basis of which the Interpol issued a red corner notice against him. Special CBI court of J C Jagdale had also issued an arrest warrant against him.

In 2018, Interpol issued a Red Corner Notice against Nirav, his brother Nishal Modi and his employee Subhash Shankar Parab at the request of the CBI, probing over USD 2 billion PNB scam.

In its Red Corner Notice issued against a fugitive, the Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.

The federal probe agency was working to bring him back to India for a long time in connection with the loan fraud case of PNB.

“He has been placed under arrest. We will produce him before a Mumbai court and will seek his custodial remand. He will be then further interrogated,” said a CBI official.

Shankar is facing charges of criminal conspiracy, criminal breach of trust by a public servant or by banker merchant or agent, cheating and dishonestly inducing delivery of property and prevention of Corruption Act.

[With Inputs from IANS]

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