CBI arrests Nirav Modi associate after extradition from UAE

India’s Central Bureau of Investigation has arrested Sandeep Mistry, an associate of businessman Nirav Modi, after his extradition from the United Arab Emirates. Officials said Mistry was extradited on Monday, September 28, and formally arrested in Mumbai on Tuesday. The agency produced him before a special CBI court but did not seek further custodial remand.

The court sent Mistry to judicial custody until October 6. His arrest was made in compliance with a non-bailable warrant issued by a special court in November 2025. Mistry had served as a director of Fancy Creations Ltd., a Hong Kong-based company associated with Nirav Modi.

The CBI alleges that he played an active part in a criminal conspiracy involving Modi and other accused people. According to the agency, the conspiracy resulted in the Punjab National Bank being defrauded of nearly ₹6,498.20 crore. The allegations have not been tested in a final judgment in the material provided.

The CBI has also alleged that Mistry, Modi’s brother Nehal and another wanted accused threatened employees who served as dummy directors of companies linked to Modi in Dubai. The employees were allegedly forced to move to Cairo after the case was registered in India, and their phones were allegedly destroyed to remove evidence. Nirav Modi, his uncle Mehul Choksi and others are also being investigated by the Enforcement Directorate over money-laundering allegations.

The CBI and ED cases concern an alleged bank fraud of more than $2 billion, or over ₹13,000 crore, involving fraudulent Letters of Undertaking issued at PNB’s Brady House branch in Mumbai. The source material does not state when Mistry’s next court hearing will take place beyond his custody date, nor does it provide his response to the allegations. The investigation by the CBI remains ongoing.