PNB case: Deported official of Nirav Modi's firm remanded in CBI custody

A special court here on Tuesday remanded Subhash Shankar Parab, an aide of fugitive diamantaire Nirav Modi, in CBI custody till April 26 in the multi-crore Punjab National Bank (PNB) fraud case.

Parab was deported to India from Cairo in Egypt earlier in the day, as per the Central Bureau of Investigation (CBI) officials.

He was a deputy general manager (finance) at Firestar Diamond, a firm linked to Nirav Modi.

Parab was shown as a wanted accused as he left the country just before the alleged fraud came to light.

After his arrival in India early on Tuesday morning, he was produced before special CBI judge V C Barde who remand him in CBI custody.

Nirav Modi and his uncle Mehul Choksi are accused of duping PNB, a public sector bank, of Rs 13,000 crore using Letters of Undertaking (LoUs) and foreign letters of credit (FLCs) by bribing its officials at the Brady House branch in Mumbai.

A CBI team had gone to Egypt's capital to bring back 50-year-old Parab, who was allegedly kept in illegal confinement in a Cairo suburb by Modi, the fugitive diamantaire, they said.

Parab is understood to be a key witness to the Letters of Undertaking submitted to the PNB to siphon off over Rs 7,000 crore, officials said.

India had issued an Interpol Red Notice against Parab to track him and bring him back, they said.