A special court in Mumbai has issued notices to Nishal and Nehal Modi, brothers of diamond merchant Nirav Modi, in connection with the Punjab National Bank (PNB) loan fraud involving ₹23,780 crore.
Investigators allege that Nirav Modi and Gujarat-based diamond trader Mehul Choksi obtained loans from PNB’s Mumbai branch using forged documents and later fled abroad without repaying the dues. The Enforcement Directorate (ED) is probing the case and has filed a chargesheet citing the alleged use of fake paperwork.
Based on the proceedings, Nirav Modi was declared a fugitive economic offender in 2019. A petition seeking a similar declaration against Mehul Choksi remains pending, while steps are currently under way to extradite him from Belgium.
Nirav Modi is lodged in a prison in London. The court has also issued similar notices to senior executives of Nirav Modi’s firm—Aditya Nanavati and Sandeep Mistry—and directed all four to submit their responses by May 7.
