New Delhi, June 27: In a major crackdown against Nirav Modi by authorities in Switzerland have frozen 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 seized. Swiss authorities have seized these accounts on request of Enforcement Directorate.
According to a press release by the Enforcement Directorate, authorities of Switzerland have frozen 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 frozen a total of US $ 6 million present in Nirav Modi’s Swiss bank accounts along with the assets.
Purvi is also one of the accused along with brother Nirav Modi in Rs 13,000 crore PNB scam. The Interpol’s Loyn office in September last year, had Red Corner Notice against absconding diamond businessman Nirav Modi’s sister Purvi Modi in connection with the Punjab National Bank scam.
The 48-year-old, who has been lodged at Wandsworth prison in south-west London since his arrest in March in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case, will be appearing for the first time since his bail appeal was rejected by the UK High Court earlier this month, his fourth attempt at bail.
Modi was arrested by uniformed Scotland Yard officers on an extradition warrant on March 19 and has been in prison since. During subsequent hearings, Westminster Magistrates’ Court was told that Modi was the “principal beneficiary” of the fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud PNB and then laundering the proceeds of crime.
Under UK law, Modi is expected to be produced before the court every four weeks, with another remand hearing expected before the July 29 case management hearing currently fixed in the court’s calendar.
