Four years after the Rs 13,000-crore Punjab National Bank fraud case came to light, the Central Bureau of Investigation has managed to get custody of Subhash Shankar Parab, a close aide of fugitive Nirav Modi, after he was deporter from Cairo in Egypt. Parab was arrested and produced before the special CBI court in Mumbai on Wednesday and has been remanded in CBI custody till April 26.

According to the CBI, Parab was closely associated with Nirav Modi and was posted as deputy general manager (finance) of Modi’s Firestar International Pvt Ltd from April 2015 till the time the case was registered. He also allegedly played an important role in securing fraudulent Letters of Undertaking (LOUs) from PNB. In 2018, the federal agency issued red corner notices against Nirav Modi, his brother Nishal Modi and Parab.