The Central Bureau of Investigation (CBI) has got a big success in the bank fraud case. They have successfully arrested Nirav Modi’s close aide Subhash Shankar from Cairo and deported him to India. CBI was working for a long time to bring him back to the country. He is one of the accused in the bank fraud case.
During the time of the fraud, Subhash Shankar was appointed as the DGM (Finance) in Nirav Modi’s company. In 2018, Interpol issued a Red Corner Notice against Nirav, his brother Nishal Modi and his employee Subhash Shankar Parab at the request of the CBI, probing over USD 2 billion PNB scam.
Subhash Shankar is also accused in the Punjab National Bank scam of more than 13 thousand crores. Shankar, 49, fled abroad along with Nirav Modi and Mehul Choksi in 2018. He is considered to be the most trusted person of Nirav Modi and handled his entire business.
Also read: Punjab Government appoints four new SSPs
The scam story of diamond mogul Nirav Modi is one of the most controversial stories in the country. In February 2018, the Indian government's Central Bureau of Investigation (CBI) launched an investigation of Modi, acting on a complaint from the Punjab National Bank alleging Modi and his partners defrauded the bank of ₹28000 Crore (approximately US$4 billion) by conspiring with bank officials to fraudulently obtain Letters of Undertaking for making payments to overseas suppliers. While ₹28000 Crore is the fraud that has been alleged to date, the potential loss to Punjab National Bank is reported to be up to ₹11000 Crore. The Enforcement Directorate (ED) is looking into the case of fraud that the CBI has registered against him.