Making headway in the Nirav Modi scam case, the Chief Bureau of Investigation (CBI) on Tuesday, 12 April, deported Subhash Shankar Parab a key accused in the Rs 14,000 crore Nirav Modi bank fraud case, from Egypt, and brought him back to Mumbai.
Parab was the Deputy General Manager (Finance) in Firestar Diamond, officials said on Tuesday, news agency PTI reported.
According to the officials, he was absconding ever since the case involving diamantaire Nirav Modi and his uncle Mehul Choksi came to light.
Modi is accused of scamming the Punjab National Bank (PNB) of around Rs 14,000 crore.
Who Is Subhash Shankar Parab?
50-year-old Parab, an employee of Modi’s firm Firestar International Pvt Ltd (FIPL), had left India after the scam broke in early 2018.
He had earlier claimed that he was in “illegal confinement” of two Egyptian associates of the diamond merchant, The Indian Express reported.
In July 2018, Interpol, had issued a red notice against Parab, along with Modi under charges of criminal conspiracy, breach of trust, cheating, and dishonestly inducing delivery of property.
Parab, as per the investigators, was in-charge of monitoring incoming and outgoing transactions of six Hong Kong companies that received over Rs 8,200 crore from the letter of undertakings (LoUs) issued by PNB, on behalf of Nirav Modi.
Fraudulent LoUs worth $3,741.93 million (approximately Rs 24,000 crore) were issued to firms allegedly controlled by Modi between 2011 and 2018. Of this, the total current outstanding fraudulent LoUs is $1,015.34 million.
(With inputs from The Indian Express.)
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