According to CBI sources, fugitive Nirav Modi’s close envoy was brought to India from Cairo

*Paromita Das 

After a lengthy diplomatic and legal process, India’s Central Bureau of Investigation (CBI) successfully deported Subhash Shankar Parab from Egypt to India on Tuesday, April 12.

Parab is a key suspect in the multibillion-dollar Punjab National Bank (PNB) scam that involved diamantaire Nirav Modi in 2018.
According to officials, a CBI team traveled to Cairo to retrieve 50-year-old Parab, who was allegedly held in illegal confinement in Egypt’s capital city.

According to officials, Parab was the Deputy General Manager (Finance) at Firestar Diamond. He arrived in Mumbai early after his “deportation.”

According to officials, Parab has been missing since the case involving diamantaire Nirav Modi and his uncle Mehul Choksi was made public.

India had issued an Interpol Red Notice for Parab in order to track him down and bring him back.
According to Indian news outlets, authorities received information that Nirav Modi’s men were keeping Parab in illegal confinement.

According to Interpol, the charges against Nirav Modi include criminal conspiracy; criminal breach of trust by a public servant, banker, merchant, or agent; cheating and dishonestly inducing the delivery of property; and the Prevention of Corruption Act.

According to officials, the CBI was able to secure “administrative extradition” or deportation of Parab after a lengthy diplomatic and legal process.
Officials believe Parab could reveal information about the country’s largest banking scam, allegedly perpetrated by Nirav Modi and Choksi, which resulted in a Rs13,000 crore loss.

The investigation previously revealed that the duo is wanted for allegedly syphoning off public funds from the state-run PNB using Letters of Undertaking.

The investigations revealed that messages for fraudulent LoUs were sent to overseas banks by misusing SWIFT, an international messaging system for banking, and without making subsequent entries in PNB’s internal software ‘Finacle,’ thus avoiding any scrutiny of such funds in the bank.
An LoU is a guarantee given by an issuing bank to Indian banks with branches abroad to grant the applicant short-term credit.

In the event of a default, the bank issuing the LoU must pay the liability to the credit-giving bank, plus interest.

Nirav Modi and Choksi’s companies took loans from foreign banks based on these LoUs but did not repay them, transferring the liability to PNB.

Nirav Modi is being held in a London prison after being denied bail on multiple occasions, and he is fighting extradition to India.

Choksi obtained Antigua and Barbuda citizenship in 2017 through the Citizenship by Investment programme before fleeing India in the first week of January 2018.