Interpol has once more posted a red corner notice against fugitive celebrity jeweller Nirav Modi's stepbrother on its web site after taking it down last year when Nehal Deepak Modi launched an appeal against the notice.

Nehal has now lost that appeal and remains one of dozens of people wanted by Indian investigators for their alleged roles in the US$2 billion letter of credit (L/C) and letter of undertaking (LoU) fraud perpetrated by diamond merchants, Nirav Modi and his uncle, Mehul Choksi.

Material assistance

Nehal is wanted by India's Central Bureau of Investigation (CBI) to answer charges that he provided material assistance to his stepbrother and alleged mastermind of the L/C and LoU fraud against the state-owned Punjab National Bank, Nirav Modi.

A Belgian citizen, Nehal allegedly managed two companies in Dubai for his stepbrother according to the CBI. It says the companies received US$50 million from shell companies participating in the scam.

Flight to Cairo

Indian investigators also alledge that after the fraud was unearthed, Nehal absconded to Cairo with diamonds worth US$6 million and 50 kilograms of gold.

Before he left Dubai the CBI says he destroyed digital evidence in the form of mobile phones and a server.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.