Overview
- On March 5, a special PMLA court in Mumbai issued notices to Neeshal Modi, Nehal Modi, Mihir Rashmi Bhansali, Aditya Nanavati and Sandeep Bharat Mistry on ED pleas to declare them fugitive economic offenders.
- The notices are returnable on May 7 after the court found the agency’s material sufficient to seek explanations, noting that earlier non-bailable warrants against the five remain unexecuted.
- The ED’s filings draw on a January 2018 CBI FIR and a February 2018 ECIR, and a declaration would enable confiscation of properties identified as proceeds of crime.
- In Bhansali’s matter, the court also issued a notice concerning confiscation of specified assets and informed his wife Rakhi Bhansali, Punjab National Bank and Union Bank of India regarding interests in those properties.
- Investigators cite roles spanning overseas entities: Nanavati, who ran Firestar’s Hong Kong operations, is under an Interpol Red Corner Notice; Mistry is linked to World Diamond Distribution FZE; the ED alleges Nehal routed funds through fake firms and Neeshal used dummy partners, with Nehal arrested in the US in 2025 and contesting extradition.