Overview

• Nehal Modi was arrested by US authorities on July 4 under a Red Corner Notice issued by Interpol at India’s request on charges of money laundering and criminal conspiracy in the Rs 13,000 crore PNB fraud.
• A US prosecution complaint cites violations of Section 3 of the PMLA and Sections 120-B and 201 of the IPC, accusing him of laundering proceeds through shell companies and conspiring to destroy evidence.
• Investigations by India’s Enforcement Directorate and CBI allege that he facilitated concealment and transfer of illicit funds for his fugitive brother Nirav Modi via overseas transactions.
• His extradition hearing is scheduled for July 17, when he is expected to apply for bail and US prosecutors have signaled they will oppose the request.
• With Nirav Modi held in the UK and Mehul Choksi in Belgium, his detention underscores ongoing global cooperation under bilateral treaties and Interpol mechanisms in the PNB scam probe.