Nirav Modi Aide Sandeep Mistry Arrested After Deportation from UAE in PNB Fraud Case
New Delhi, September 29, 2026: The Central Bureau of Investigation (CBI) has arrested Sandeep Bharat Mistry, an alleged close associate of fugitive diamantaire Nirav Modi, after he was deported from the United Arab Emirates in connection with the multi-billion-dollar Punjab National Bank (PNB) fraud case.
According to officials, Mistry was wanted by both the CBI and the Enforcement Directorate (ED) for his alleged involvement in the financial fraud, which investigators say involved fictitious international trade transactions and the movement of funds through various entities.
The arrest came after UAE authorities located Mistry and initiated the process to send him back to India. Officials said an Interpol Red Notice had been issued against him in July 2026 following action by the Indian investigating agencies.
Alleged role in the PNB fraud
Investigators have accused Mistry of playing an important role in coordinating the activities of several entities allegedly connected with the fraud. According to a CBI officer, he acted as a link between different companies and was involved in overseeing their day-to-day functioning.
The agency has alleged that Mistry used secretive communication platforms that were designed to automatically delete messages. Investigators believe such communication methods were used to keep records from being discovered and to conceal evidence.
The CBI has also alleged that Mistry helped arrange forged import-export documents. These documents were reportedly used to create the appearance of genuine international trade involving diamonds, gold and pearl jewellery, even though investigators claim the transactions were fictitious.
Another allegation against Mistry concerns foreign companies that were allegedly used as part of the wider network. Officials said dummy directors associated with some of these companies were allegedly threatened and pressured into signing documents that falsely presented them as the genuine owners of the businesses.
According to the agency, some of these individuals were allegedly threatened with arrest, had their electronic devices seized and were moved from one location to another. Investigators have alleged that these actions were intended to maintain control over the companies and their documentation.
Alleged movement of funds
The CBI has further alleged that Mistry was involved in transferring or siphoning funds from bank accounts belonging to dummy companies in the UAE.
Investigators are examining the financial transactions and the roles allegedly played by different individuals and entities in the wider network. The case forms part of the long-running investigation into the alleged PNB fraud involving Nirav Modi and other accused persons.
Both the CBI and the ED have filed chargesheets naming Mistry in connection with the case, officials said.
Traced in UAE and brought back to India
According to a senior CBI officer, Mistry was traced after an Interpol alert was issued and was subsequently located by UAE authorities.
The officer said that the accused was brought back to India within a relatively short period after the international alert was issued, describing the development as an example of coordination between Indian and foreign law-enforcement agencies.
Mistry arrived at Mumbai airport at around 11.55pm on Monday. Officers from the CBI’s Bank Securities and Fraud Branch (BSFB) took him into custody after his arrival.
He was subsequently produced before a court in Mumbai, which sent him to judicial custody. CBI officials have indicated that they are likely to seek his police custody as part of the ongoing investigation.
Investigation into a long-running bank fraud
The PNB fraud case has remained under investigation for several years and has involved multiple individuals and companies. Investigators have been examining alleged fraudulent transactions, overseas entities, financial transfers and the role of various accused persons.
Mistry’s return to India is therefore being viewed by investigators as another development in their efforts to trace individuals allegedly connected with the case who were outside the country.
The CBI has also been pursuing the return of fugitives and wanted accused persons from foreign countries. Officials said the agency has brought back more than 175 criminals from abroad in recent years as part of its efforts to pursue cases involving accused persons who left India.
While the agencies have made several allegations against Mistry regarding his alleged role in the PNB fraud, the allegations remain subject to judicial proceedings. His arrest and the charges filed by investigating agencies do not by themselves establish guilt, which will ultimately be determined through the legal process.
News source: Information for this article was gathered from a variety of reliable news outlets.
