Indian fugitive Nirav Modi's nearby associate transported to India from Cairo: assert sources from CBI
Subhash Shankar Parab Deported, Faces Charges in PNB Fraud Case
Subhash Shankar Parab, a key accused in the 7,000 crore bank fraud case involving fugitive jeweler Nirav Modi, has been deported from Egypt and is expected to face charges in a court related to the case. The Central Bureau of Investigation (CBI) claimed that Parab was deported from Egypt today.
Parab, who held a high-ranking position in Firestar Ruby, the company associated with Nirav Modi, is a close associate of the fugitive jeweler. His role in Firestar Ruby is relevant to the bank fraud case, and it is believed that the charges against him in the Punjab National Bank (PNB) fraud case are likely related to his role in the company.
According to the chargesheet submitted by the CBI in 2018, Parab, along with Nirav Modi and his brother Nishal Modi, was named in the PNB fraud case. Parab, who was the Deputy General Supervisor (Finance) in Firestar Ruby, had a financial role in the company. The specific details of the charges against Parab in the PNB fraud case are not specified in the provided paragraph.
Parab departed for Cairo in 2018, and his involvement in Firestar Ruby predates his departure. It is not publicly available when Parab will be presented in a CBI court for the PNB fraud case. However, it is known that he will be presented in a CBI court at 12 pm. Subhash Shankar Parab landed in Mumbai early this morning after being deported.
The CBI is investigating the role of various individuals, including Parab, in the PNB fraud case, which is one of the biggest banking scams in India's history. The case involves allegations of fraudulent issuance of Letters of Undertaking (LoUs) or Loan Foreign Currency (LCs) worth over Rs. 11,400 crore from the Brady House branch of PNB in Mumbai to overseas banks during 2011-2017. The fraud came to light in January 2018.
The CBI has been working tirelessly to bring the accused involved in the case to justice. With the deportation of Subhash Shankar Parab, the agency has taken another significant step in its investigation. The case is currently ongoing, and more developments are expected in the coming days.
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