
Nirav Modi’s Brother-in-Law Mehta to Confess in PNB Scam Case
In a significant development in the Punjab National Bank (PNB) scam case, Nirav Modi’s brother-in-law, Maiank Mehta, is expected to give a confession before the special CBI court. Mehta is accused of playing an active role in the case and benefiting from the defrauded amount, receiving a whopping $30 million.
Mehta’s decision to confess comes as a major setback for Nirav Modi, who is currently undergoing extradition proceedings in the UK. Modi, the fugitive businessman, is accused of masterminding the Rs 13,000-crore PNB scam, which was discovered in 2018. The scam involved fraudulent Letters of Undertaking (LoUs) issued by PNB to Modi’s companies, which were then used to secure loans from other banks.
Mehta, who is Mehta’s brother-in-law, has been accused of being a key player in the scam. He was allegedly involved in the transfer of funds from the defrauded account to his own account, and received $30 million as a benefit. Mehta’s confession is expected to provide crucial evidence against Modi and could potentially lead to a conviction.
The CBI had registered a case against Mehta and others in 2018, accusing them of criminal conspiracy, cheating, and forgery. Mehta was arrested in 2019 and has been in custody since then. His confession is expected to be recorded in the next few days, although the exact date has not been confirmed.
Mehta’s decision to confess is seen as a significant development in the case, as it could lead to a significant weakening of Modi’s defense. Modi’s lawyers have consistently denied any wrongdoing and have claimed that he was a victim of circumstance. However, Mehta’s confession could provide evidence that Modi was involved in the scam and was aware of the fraudulent activities.
The PNB scam has been one of the largest banking frauds in Indian history, and has led to significant damage to the reputation of PNB and the banking sector as a whole. The scam was discovered in 2018, when it was found that Modi’s companies had fraudulently obtained LoUs worth over Rs 13,000 crore from PNB.
Modi fled India in 2018, after the scam was discovered, and has been living in the UK since then. He has been fighting extradition proceedings, which have been ongoing for several years. The UK’s Home Office had initially refused to extradite Modi, citing concerns about his mental health. However, the UK government overturned its decision in 2020, and Modi was arrested in March 2021.
Mehta’s confession is expected to provide evidence that Modi was involved in the scam, and could potentially lead to a conviction. The CBI has already filed a chargesheet against Modi, Mehta, and others in the case, and the trial is expected to begin soon.
The PNB scam has led to significant changes in the banking sector, including the introduction of new regulations to prevent similar frauds in the future. The scam has also led to a significant loss of trust in the banking sector, and has led to calls for greater accountability and transparency.
In conclusion, Mehta’s decision to confess is a significant development in the PNB scam case, and could potentially lead to a conviction for Modi. The scam has had significant consequences for the banking sector, and has led to calls for greater accountability and transparency. As the trial proceeds, it will be interesting to see how Mehta’s confession impacts the case, and whether it will lead to justice for the victims of the scam.