In a major breakthrough for investigating agencies probing the Rs 13,000-crore Punjab National Bank (PNB) fraud, a special Central Bureau of Investigation (CBI) court has granted pardon to fugitive businessman
Nirav Modi’s brother-in-law, Maiank Mehta, officially making him an approver in the case. This decision transforms a key co-accused into a star witness, providing a significant boost to the prosecution’s efforts against the principal accused, Nirav Modi.
The court granted the pardon under legal provisions that allow an accused to be forgiven in exchange for agreeing to disclose all known facts related to the crime. Mehta, who is married to Nirav Modi’s sister, Purvi Modi, was allegedly involved in the intricate financial web created by the diamond merchant. His initial role was scrutinised for his association with several of Nirav Modi’s firms, positioning him as a person with crucial insider knowledge regarding the scam’s operational mechanics, the movement of funds, and the roles played by senior executives.
The PNB scam, one of the largest bank frauds in Indian history, was executed primarily through the issuance of fraudulent Letters of Undertaking (LoUs), which enabled Nirav Modi’s firms to raise credit from overseas branches of Indian banks.
For the CBI and the Enforcement Directorate (ED), securing Mehta as an approver is a major strategic victory. His testimony is expected to provide irrefutable, first-hand evidence detailing the entire conspiracy, the intricate money trail used to siphon public funds, and the direct involvement of Nirav Modi and his uncle, Mehul Choksi. As Nirav Modi continues to fight his extradition from the UK, Mehta’s willingness to testify is seen as a development that severely weakens the defence, providing the courts with critical evidence necessary to establish guilt in a highly complex financial crime.
