PNB Scam: Subhash Shankar, Close Associate Of Fugitive Nirav Modi, Brought Back To India From Cairo By CBI
Shankar, who is one of the accused in the Punjab National Bank (PNB) scam, was a deputy general manager of one of the companies of Nirav Modi.
New Delhi: In a major operation by the Central Bureau of Investigation (CBI), a person named Subhash Shankar, who was a close associate of fugitive Nirav Modi, has been brought back to India from Cairo, Egypt.
For a long time, the CBI had been trying to get Shankar, 49, back to India. Shankar, who is one of the accused in the Punjab National Bank (PNB) scam, was a deputy general manager of one of the companies of Nirav Modi. The PNB scam is worth Rs 13,578 crore.
The CBI team has brought Nirav Modi's close aide to Mumbai. The International Crime Police Organization (Interpol) had issued a Red Corner Notice (RCN) notice against Shankar on June 29, 2018.
In one of the chargesheets, Shankar has been accused of threatening witnesses. According to the official website of the CBI, the charges against Shankar include Criminal conspiracy; Criminal breach of trust by public servant, or by banker, merchant or agent; Cheating and dishonestly inducing delivery of property; and Prevention of corruption.
Last month, the government said in a written reply to the Rajya Sabha during the Budget session that assets worth more than Rs 19,111 crore relating to Nirav Modi, Vijay Malia, and Mehul Choksi had hitherto been attached by the probing agencies.
The three fugitives have defrauded public sector banks by syphoning of funds through their companies, the Union Minister of State for Finance, Pankaj Chaudhary, informed the Parliament in March. The fugitives' actions resulted in a total loss of Rs 22,585.83 crore to the lenders.
The minister said that as on March 15, 2022, assets worth Rs 19,111.20 crore have been attached under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). Of these, assets worth Rs 15,113.91 crore have been restituted to the Public Sector Banks, the Union Ministry of Finance said in a statement.
The PMLA and the Fugitive Economic Offenders Act, 2018 (FEOA) provide that the Special Court trying the offence may restore any property or assets involved in money laundering to a third party claimant with legitimate interest, including banks.
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