Mumbai Subhash Shankar Parab, a close associate of fugitive diamond trader Nirav Modi, was remanded in CBI custody until April 26 by a special CBI court on Tuesday.
Parab was deported to India from Cairo, Egypt, as the 16th suspect in the major fraud at Punjab National Bank (PNB). He was arrested by the CBI after landing at Mumbai International Airport early Tuesday morning. When he was planning to leave Egypt, the 50-year-old was detained at Cairo airport on the basis of a Red Corner Notice issued for his arrest.
Later that day, the CBI brought Parab before a special court, where special prosecutor A Limosin sought his 14-day detention, claiming that Parab, along with prime accused Nirav Modi and his family members, had left India on January 1, 2018, just four weeks before the agency filed the first FIR in the case on January 31, 2018.
According to the CBI, from 2015 to 2017, Parab was the head of finance department of Nirav Modi’s Firestar International, where he handled banking-related activities for the three Firestar group companies: M/s Diamonds R US, M/s Stellar Diamond, and M/s Solar Exports.
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