Nirav Modi's accomplice Subhash Parab remanded in CBI custody in PNB fraud case

As informed by the CBI officials, Parab was a deputy general manager (finance) at Firestar Diamond, a firm linked to Nirav Modi, and had fled the country just before the infamous fraud by Modi came to light. Wanted for a long time, Parab was presented before a special CBI judge VC Barde after his arrival in India.

Mumbai:A special court here on Tuesday remanded Subhash Shankar Parab -- the accomplice of fugitive Nirav Modi -- in CBI custody until April 26 in the Punjab National Bank case. The decision came after Parab was deported to India from Egypt earlier in the day, as the federal probe agency had been working to bring him back to India for a long time in connection with the loan fraud case.

As informed by the CBI officials, Parab was a deputy general manager (finance) at Firestar Diamond, a firm linked to Nirav Modi, and had fled the country just before the infamous fraud by Modi came to light. Wanted for a long time, Parab was presented before a special CBI judge VC Barde after his arrival in India. The court remanded him in the CBI custody while this comes as a step potential of shedding light on the Nirav Modi fraud case.

Nirav Modi and his uncle Mehul Choksi are accused of duping PNB of Rs 13,000 crore using Letters of Undertaking (LoUs) and foreign letters of credit (FLCs). The businessmen reportedly executed the fraud by bribing the bank officials at the Brady House branch of the multinational bank in Mumbai. Parab, who was kept in illegal confinement in a Cairo suburb by Modi, was brought back by the CBI officials to India, the officials informed.

While Parab is suspected to be a key witness to the Letters of Undertaking submitted to the PNB to siphon off over Rs 7,000 crore, the authorities had issued an Interpol Red Notice to track him and bring him back to India, the officials said.