New Delhi, Apr 12 (IANS): In a significant development, Subhash Shankar, a close aide of absconding diamantaire Nirav Modi has been deported to Mumbai from Egypt by the Central Bureau of Investigation (CBI) in connection with the loan fraud case of Punjab National Bank (PNB) involving Mehul Choksi and others.

Shankar was DGM Finance in Nirav Modi's company. Red corner notice had been issued against him.

The federal probe agency was working to bring him back to India for a long time in connection with the loan fraud case of PNB.

"He has been placed under arrest. We will produce him before a Mumbai court and will seek his custodial remand. He will be then further interrogated," said a CBI official.

Shankar is facing charges of criminal conspiracy, criminal breach of trust by a public servant or by banker merchant or agent, cheating and dishonestly inducing delivery of property and prevention of Corruption Act.

The CBI has already filed a charge sheet against him four years ago on the basis of which the Interpol issued a red corner notice against him. Special CBI court of J.C. Jagdale had also issued an arrest warrant against him.

Shankar, 49, fled abroad along with Nirav Modi and Mehul Choksi in 2018. He is considered to be the most trusted person of Nirav Modi and handled his entire business.