The Central Bureau of Investigation (CBI) has secured the deportation of Sandeep Mistry, a wanted accused in the ₹13,000-crore Punjab National Bank (PNB) fraud case involving fugitive diamantaire Nirav Modi, from the United Arab Emirates (UAE) to India.
Mistry, who was wanted in the bank fraud case registered by the CBI's Bank Securities and Fraud Branch (BSFB), Mumbai, was brought to Mumbai late on September 28 following coordinated efforts by the CBI, the Ministry of External Affairs (MEA), the Ministry of Home Affairs (MHA) and UAE authorities.
According to the CBI, Mistry arrived in Mumbai at 11.55 pm on September 28. He was taken into custody by officers of the agency's BSFB, Mumbai, produced before the competent court and subsequently remanded to judicial custody.
The CBI described the operation as a result of effective international coordination, with Mistry traced and brought back to India within approximately two months of the publication of an Interpol Red Notice against him.
Accused of facilitating fictitious international trade transactions
The CBI has accused Mistry of playing a key role in the alleged PNB fraud involving fictitious international trade transactions.
According to the agency, he acted as an intermediary between several entities and supervised their day-to-day operations, issuing instructions through clandestine, self-deleting communication platforms allegedly used to conceal evidence.
Investigators have alleged that Mistry facilitated the preparation of forged import-export documents to create the appearance of genuine international trade in diamonds, gold and pearl jewellery.
The CBI further alleged that Mistry, along with other accused persons, coerced directors of dummy foreign companies by threatening them with arrest, relocating them, seizing their electronic devices and compelling them to sign documents falsely portraying them as the genuine owners of those companies.
He is also accused of participating in the siphoning of funds from bank accounts of dummy companies based in the UAE.
The agency has already filed a charge sheet in the case before the competent court.
Interpol Red Notice led to arrest in UAE
At the CBI's request, an Interpol Red Notice was published against Mistry in July 2026.
Following the circulation of the notice through Interpol channels, the accused was traced and located in the UAE, where local authorities apprehended him and initiated deportation proceedings.
The CBI said the swift operation demonstrated the effectiveness of international cooperation in tracking and bringing back fugitives wanted in financial crime cases.
The agency's coordination with the MEA, MHA and UAE authorities was instrumental in completing the deportation process.
Mistry's return to India comes amid continued efforts by Indian investigative agencies to pursue accused persons linked to major financial fraud cases who have fled abroad.
The PNB fraud case involving Nirav Modi centres on alleged fraudulent Letters of Undertaking and other banking transactions that caused substantial losses to the public sector lender.
