PNB loan fraud: ED calls Nehal Modi co-conspirator, seeks to declare him FEO

The Enforcement Directorate (ED) has identified Nehal Modi as a key co-conspirator in the Punjab National Bank (PNB) loan fraud case. In a recent application submitted to a Mumbai court on February 3, the ED highlighted Modi's alleged involvement in destroying crucial evidence and attempting to influence witnesses linked to the fraud investigation. This development comes amid ongoing efforts by Indian authorities to tackle financial malfeasance, particularly in high-profile cases involving banking institutions. The PNB scam, which came to light in 2018, involved significant financial irregularities and has led to extensive legal proceedings against several individuals, including prominent businessmen. The ED's action against Modi underscores the agency’s commitment to pursuing all avenues to ensure accountability in this massive fraud that has impacted the Indian banking sector. As investigations continue, Modi's role could have significant implications for the ongoing efforts to bring all parties involved to justice.