Asia & Australia

July 03, 2019

Singapore High Court Orders Freezing Of Nirav Modi Family’s Bank Account After A Request From Enforcement Directorate


[ By Bobby Anthony ]

Nirav-Modi

The Singapore High Court has ordered a bank in Singapore to freeze an account with a balance of USD 6.122 million maintained by Pavilion Point Corporation, incorporated in the British Virgin Island, after a request from India’s Enforcement Directorate (ED).

The company is linked to relatives of willful defaulter and fugitive absconder Nirav Modi.

The ED’s request was based on the ground that deposits in the bank account were proceeds of money siphoned off by Nirav Modi from the Punjab National Bank (PNB).

The beneficiaries of the company are Nirav Modi’s brother-in-law Maiank Mehta and his sister Purvi Modi.

The development came days after a United Kingdom court extended Nirav Modi's remand until July 25.

In a related development recently, Swiss government authorities responded to India’s Enforcement Directorate’s request and froze four Swiss bank accounts of absconding diamantaire Nirav Modi and his sister Purvi. These bank accounts are reported to hold deposits totally worth Rs 283.16 crore.

Bank accounts of Nirav Modi, the absconding diamantaire who is now under arrest in this case in London, hold deposits worth USD 3,74,11,596 while bank accounts in the name of his sister Purvi Modi hold deposits worth GBP 27,38,136. The total amount being held in all four bank accounts would be around Rs 283.16 crore.

Incidentally, the Enforcement Directorate and the Central Bureau of Investigation (CBI) are also investigating Nirav Modi, his diamantaire uncle Mehul Choksi as well as others for their alleged roles in money laundering as well as corruption.

It is alleged that they defrauded the Brady House branch of the Punjab National Bank in Mumbai to the tune of over Rs 13,000 crore.

latest News

  • Transfer Pricing Adjustment on Interest Which Has Neither Been Received Nor Accrued To The Assessee Cannot Be Chargeable: ITAT

    The assessee TMW ASPF CYPRUS (assessee), a private limited company incorporated in Cyprus was engaged in the business of making investments in the rea...

    Read More
  • Salient Features Of Consumer Protection Bill, 2018 Passed By Lok Sabha

    On December 20, the Lok Sabha, the lower house of India's bicameral Parliament, passed the Consumer Protection Bill, 2018, thus repealing the Consumer...

    Read More
  • Laws Likely To Be Amended To Check ‘Evergreening’ Of Loans; Banks May Be Required To Report Defaults Beyond A Week

    The government is believed to be considering the amendment of banking laws in order to check the practice of “evergreening” of loans, which means ...

    Read More