Shubhash Shanker Parab, Close Associate of Nirav Modi Deported from Egypt; Arrested by CBI

Paridhi Arya

Published on: April 13, 2022 at 18:51 IST

Central Bureau of Investigation had Arrested Shubhash Shanker Parab he was a close Associate of Fugitive diamond Merchant Nirav Modi. He was deported from Egypt to India.

Since 2018, when the Punjab National Bank Fraud of 13,578 Crore rupees unwrapped he had hidden in Cairo.

He flees at the same time when Nirav Modi and his family left the country. His name was there in the Charge-sheet for which red Notice was issued against him by Interpol.

In the Firestar International Pvt. Ltd. Company of Modi he was the Deputy General Manager so all the transactions made in the company and by the company he was party to it.

Central Bureau of Investigation demanded the Parab’s Custody for 14 days from Mumbai Court, citing that Parab is also connected with other companies of Modi.

“He was a close confidante of Nirav Modi and was directly Reporting to him and has knowledge of Fraudulent Activities of Nirav Modi. There are several original Letters of Undertaking applications issued on behalf of three firms which are yet to be recovered,” Central Bureau of Investigation said.

“He was heading the Banking Operations Department of the company and applications for Fraudulent Letters of Undertaking (LOUs) and Supporting Documents were issued on his instructions. Parab knew that the three firms didn’t have any credit facilities with Punjab National Bank and couldn’t provide 100% cash margin for issuing Letters of Undertakings,” added by Central Bureau of Investigation.

Parab was never showed his presence in past four since the Investigation is going on but other dummy directors came to Central Bureau of Investigation stating that they signed Documents because they were asked to do on the pretence that they were the actual owners of the company.

The main accused Nirav Modi is in Wandworth Prison of London due to Extradition request made by India to Britain. The Court of Westminister allowed his Extradition but he made an Appeal in UK High Court against the Order.

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