CBI arrests Nirav Modi associate Sandeep Mistry after UAE extradition

After being extradited from the United Arab Emirates on Monday, Sandeep Mistry was formally arrested by the Central Bureau of Investigation in Mumbai on Tuesday. Mistry, who previously served as director of Fancy Creations Ltd—a Hong Kong company linked to jeweller Nirav Modi—was produced before a special CBI court, which remanded him to judicial custody until October 6 without seeking his remand. The arrest complies with a non-bailable warrant issued by a special court in November 2025.

Investigators allege Mistry played an active role in a criminal conspiracy that cheated Punjab National Bank of approximately ₹6,498.20 crore. The CBI further accuses him, Modi’s brother Nehal, and another wanted suspect of intimidating dummy directors of Dubai-based firms associated with Modi, forcing them to relocate to Cairo under threat of arrest, and of destroying cellphones to erase evidence. The case forms part of a broader probe by the Enforcement Directorate and the CBI into Nirav Modi, his uncle Mehul Choksi, and related parties for a multi-billion-dollar banking fraud.