MUMBAI:
The CBI has arrested Sandeep Mistry, an associate of fugitive businessman Nirav Modi, after his extradition from the UAE in connection with the Punjab National Bank fraud case.
Mistry was extradited on Monday and formally arrested by the CBI in Mumbai on Tuesday. He was produced before a special CBI court, which remanded him to judicial custody till October 6. The arrest was made in compliance with a non-bailable warrant issued in November 2025.
Mistry had served as director of Fancy Creations Ltd, a Hong Kong-based company linked to Nirav Modi. The CBI has alleged that he played an active role in the conspiracy that resulted in PNB being cheated of nearly Rs 6,498.20 crore.
The agency has also alleged that Mistry and other accused threatened dummy directors of companies linked to Modi in Dubai and forced them to leave the UAE after the case was registered in India.