PNB Scam: Nirav Modi's Companion Subhash Shankar has been brought back from Egypt by the CBI

Publish Date: 12 Apr, 2022 |

The CBI has got a big success in the Punjab National Bank  ( PNB) fraud case. CBI has clamped down on Parab Subhash Shankar, a partner of fugitive businessman Nirav Modi. CBI has brought Subhash Shankar from Cairo, Egypt to Mumbai. He has been brought to Mumbai by special aircraft.

Who is Subhash Shankar?

CBI sources said that Subhash Shankar is a close aide of Nirav Modi. Subhash Shankar has been brought to Mumbai in connection with the Rs 13,578 crore PNB scam. Shankar was DGM Finance in Nirav Modi's company. A red corner notice was also issued against Subhash. The CBI team will now interrogate him regarding the scam. 

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Charges against Subhash Shankar

A CBI official said that he has been arrested. We will produce him in a Mumbai court and seek his custodial remand. After that he will be further interrogated. Shankar is facing charges of criminal conspiracy, criminal breach of trust by a public servant and banker businessman and agent, fraud and dishonest abetment of property distribution and the Prevention of Corruption Act.

The CBI had already filed a charge sheet against him four years ago, on the basis of which Interpol had issued a red corner notice against him. JC Jagdale's special CBI court had also issued an arrest warrant against him, 49-year-old Shankar had fled abroad in 2018 along with Nirav Modi and Mehul Choksi. He is considered the most trusted person of Nirav Modi.

What is the PNB Scam?

Nirav Modi is accused of defrauding PNB of about Rs 14 thousand crore and illegally sending money to other countries. The 50-year-old diamond merchant had fled India after the fraud was busted. This was followed by the arrest of Nirav Modi in Britain in March 2019. Nirav Modi is serving a sentence in London Wandsworth Jail.


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