CBI was granted custody of Subhash Shankar Parab, a close confidante of fugitive Nirav Modi by a special court on Tuesday.Mr. Parab was arrested by the CBI and brought to Mumbai from Cairo on Tuesday morning. Parab is said to be a key person of interest in the Punjab National Bank scam, which is being proved by the central agency, Central Bureau of Investigation.
The CBI has been working day and night on the bank fraud case for a long time and was trying to extradite Shankar to the country.
A CBI official confirmed that Subhash Shankar was in Cairo and has been brought to India after completing legal formalities. A CBI team was sent to Cairo to bring him back and the team returned back to Mumbai on Tuesday morning.
According to the CBI, “he had the knowledge that the three firms did not have any credit facilities with PNB and were not providing 100% cash margin for issuance of fraudulent letters of undertaking [LoUs].”
The Central agency sought 14 days custody of Shankar, the agency alleged that he was instrumental in handling financials of six Hong-Kong based and 13 Dubai based dummy companies floated by Mr. Modi, causing a ₹6,498.20 crore to PNB.
An arrest warrant was issued by a special court judge, Justice JC Jagdale, in Mumbai. The Red Corner Notice (RCN) was also issued on the basis of a chargesheet filed by the CBI in a special court.
The Interpol asked its 192 member countries to arrest or detain the fugitive, if spotted in their countries.
Mr. Parab has been charged under Sections 120B (whoever is a party to a criminal conspiracy to commit a punishable offence), 409( criminal breach of trust by public servant or by banker), 420(cheating and dishonesty inducing delivery of property) of the IPC and the provisions of the Prevention of Corruption Act.