The Interpol has issued a Red Corner Notice (RCN) against fugitive diamantaire Nirav Modi's close aide Mihir R Bhansali in connection with the alleged swindling of over Rs 13,000 crore of public sector banker PNB.

The RCN issued at the behest of Enforcement Directorate mentions that Bhansali (40) is required by Indian probe agencies on charges of "money laundering". Bhansali was CEO of Nirav Modi's jewellery firm in the US, Firestar International.

The ED wants Bhansali to join the probe and told the Interpol that he was likely to visit the US, the UK, Hong Kong, China or the UAE.

Through an RCN against a fugitive, the Interpol requests all its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.

The ED has identified Bhansali as the "second-in-command" in the Firestar Group after Nirav Modi. He was allegedly actively involved in the diversion and laundering of the funds received from PNB in the form of Letters of Undertaking. Bhansali was instrumental in diversion and circulation of the "proceeds of crime" generated in the money laundering case.

The ED  probe has revealed that Bhansali inducted dummy partners in Solar Exports, Stellar Diamond and Diamond R US (Modi's firms in whose names LOUs were issued) for issuance of LoUs by the PNB. He was also instrumental in formation of overseas dummy companies in Hong Kong and Dubai, and employees/ex-employees of the Firestar Group were sent as dummy directors/owners in these entities at his directions laundering the money received from the PNB through LoUs.

Bhansali is also suspected to have acquired a property in the US worth $7 million from the funds illicit funds generated from the PNB scam.

The case relates to cheating the PNB through fraudulent issuance of Letters of Undertaking and Foreign Letters of Credit worth over Rs 13,000 crore in favour of Nirav Modi, his uncle Mehul Choksi and other associates.