India, Feb. 19 -- Fugitive diamantaire Nirav Modi's brother, Nehal Modi, was the "prime co-conspirator" in the Rs.6,498 crore Punjab National Bank (PNB) loan fraud and played an instrumental role in layering and transferring millions of dollars, the Enforcement Directorate (ED) said in an application to declare him a fugitive economic offender (FEO).

Nehal Modi, 46, has been in a US prison since July 2025 following his arrest based on India's extradition request. He is accused of helping his uncle, Mehul Choksi, who is in a Belgian jail, launder money through Samuels Jewellers Inc and Diamlink Inc. The two companies allegedly received around $19 million in proceeds of crime from Dubai-based shell companies linked to Choksi.

The ED's app...