PNB Loan Fraud: Subhash Shankar, Close Associate of Nirav Modi Brought To India By CBI

New Delhi, April 12: In a significant development, Subhash Shankar, a close aide of absconding diamantaire Nirav Modi has been deported to Mumbai from Egypt by the Central Bureau of Investigation (CBI) in connection with the loan fraud case of Punjab National Bank (PNB) involving Mehul Choksi and others.

Shankar was DGM Finance in Nirav Modi's company. Red corner notice had been issued against him. The federal probe agency was working to bring him back to India for a long time in connection with the loan fraud case of PNB.

"He has been placed under arrest. We will produce him before a Mumbai court and will seek his custodial remand. He will be then further interrogated," said a CBI official. Online Fraud in Mumbai: Fraudster Gifts New Phone to Bollywood Film Distributor, Dupes Him of Rs 3 Lakh.

Shankar is facing charges of criminal conspiracy, criminal breach of trust by a public servant or by banker merchant or agent, cheating and dishonestly inducing delivery of property and prevention of Corruption Act.

The CBI has already filed a charge sheet against him four years ago on the basis of which the Interpol issued a red corner notice against him. Special CBI court of J.C. Jagdale had also issued an arrest warrant against him. Online Fraud in Telangana: Woman Dupes Man of Rs 40 Lakhs Through Matrimonial Site.

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.

(The above story first appeared on LatestLY on Apr 12, 2022 09:53 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).