CBI Arrests Nirav Modi’s Ex – Employee

The Central Bureau of Investigation on Tuesday arrested Subhash Parab, a former employee of Nirav Modi who is key accused in the over ₹20,000 crore Punjab National Bank fraud case. Parab who fled to Dubai on January 1, 2018, the same day Nirav Modi also left the country, was detained at Cairo last Week based on a red corner notice (RCN) issued against him. “He was trying to flee to Dubai, but he was detained at the Cairo airport on the power of the RCN is sued against him. The CBI was informed about the same and he was brought back to Mumbai and arrested at t6he airport on Tuesday.” Said an official privy to the development.

India’s federal financial-crime fighting agency has summoned a former India head of China’s Xiaomi Crop in an investigation of whether the company’s business practices conformed with Indian foreign exchange laws, two sources with direct knowledge said. The Enforcement Directorate has been probing the company since at least February, and in recent weeks asked Manu Kumar Jain, Xiaomi’s former India managing director, to appear before its officers, the sources said. Jain, now a global vice president at Xiaomi out of Dubai, was currently in India, the sources said.

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