In a massive suppression against Nirav Modi by senior authorities in Switzerland have frozen as many as four Swiss bank accounts belonging to the fugitive diamantaire and his sister Purvi Modi.
Four Swiss bank accounts of fugitive Nirav Modi and his sister Purvi Modi have been frozen by Swiss authorities on request of Enforcement Directorate.
As per a press release by the Enforcement Directorate, authorities of Switzerland have seized the bank accounts under the PMLA Act.
The press release read, “The request was made on the ground that money in the bank accounts were deposited out of illegal siphoned off funds from Indian banks.”
Swiss authorities have now seized a total of US $6 million (at present) in Nirav Modi’s Swiss bank accounts including the assets.
Purvi is also one of the main accused along with her brother Nirav Modi in Rs 13,000 crore Punjab National Bank scam. The Interpol’s Loyn office, last year, had Red Corner Notice against fugutive diamond businessman Nirav Modi’s sister Purvi Modi in association with the PNB scam.
The 48-year-old, who has been behind the bars in Wandsworth prison in south-west London since his arrest in March in liason with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case is all set to appear for the first time since his bail appeal was ignored by the UK High Court previous;y this month, which is his fourth attempt at bail.
Modi was detained by uniformed Scotland Yard officers on an extradition warrant on March 19 and has been in the jail ever since. At the time of subsequent hearings, Westminster Magistrates’ Court was notified that Modi was the “principal beneficiary” of the criminal issuance of letters of undertaking as part of a conspiracy so as to defraud Punjab National Bank and then laundering (hiding the origins of money obtained illegally by passing it through a tough sequence of banking transfers or commercial transactions) the proceeds of crime.
Under UK law, Nirav Modi is likely to be produced before the court every 4 weeks, with one more main remand hearing expected before July 29.