A special CBI court in Mumbai has rejected a request by Purvi Modi to provide testimony via video link in the Punjab National Bank fraud case. The sister of fugitive diamantaire Nirav Modi is seeking to become an approver in the ongoing investigation. This decision reinforces the court's procedural requirements as the legal process for asset recovery and accountability continues.
A special CBI court in Mumbai has turned down a petition by Purvi Modi, the sister of fugitive diamantaire Nirav Modi, which sought permission to provide her testimony through video conferencing. The request was part of her effort to become an approver in the high-profile Punjab National Bank (PNB) fraud investigation, a process where an accused agrees to provide evidence against others in exchange for potential leniency.
Special CBI Judge Subash Karhale rejected the plea, directing that her statement must be recorded in accordance with the court’s standard legal procedures. While Purvi Modi has previously been granted approver status by the Enforcement Directorate (ED) in a separate, related money laundering case, the CBI court has maintained that its own procedural requirements regarding witness statements must be followed independently.
The PNB fraud case, which came to light in 2018, involves allegations of massive financial irregularities linked to fraudulent Letters of Undertaking (LoUs) issued through the bank’s Brady House branch. The total volume of the fraud was estimated at approximately ₹13,000 crore, or roughly $2 billion. The scandal brought significant scrutiny to banking oversight and internal risk management practices across the Indian financial sector.
For legal observers and investors, the development highlights the slow and complex nature of the ongoing prosecution. The CBI and ED have spent years pursuing the case, which includes efforts to extradite Nirav Modi from the United Kingdom, where he remains in custody. The legal status of witnesses and their testimonies is a critical element in these proceedings, as it directly impacts the ability of investigating agencies to build cases, track assets, and pursue recovery.
The key focus for the market and legal system remains the recovery of assets and the conclusion of the criminal trials. Investors and observers will continue to monitor the progress of these court hearings, as the resolution of such high-profile cases can influence regulatory focus on banking compliance and governance standards in India. The next steps will likely involve further court proceedings to determine the timeline for recording the statement and the eventual adjudication of her application to turn an approver in this specific case.