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June 27, 2019

PNB Fraud: After ED Request, Swiss Authorities Freeze 4 Bank Accounts Of Nirav Modi And Sister Holding Rs 283.16 Crore


[ By Bobby Anthony ]

Nirav-Modi

Four Swiss bank accounts of absconding diamantaire Nirav Modi, who is the main accused in the USD 2-billion PNB fraud case, and his sister Purvi have been frozen by government authorities in Switzerland.

These bank accounts which are reported to hold deposits totally worth Rs 283.16 crore, have been frozen on the request of India’s Enforcement Directorate (ED).

Earlier, the Enforcement Directorate had made an official request and informed Switzerland’s government authorities that the money held in these four deposits are “proceeds of crime” of a bank fraud and attract criminal provisions of the Prevention of Money Laundering Act (PMLA).

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.

The Enforcement Directorate is expected to try and attach these bank accounts under the PMLA.

Incidentally, the Enforcement Directorate and the Central Bureau of Investigation have been investigating Nirav Modi, his diamantaire uncle Mehul Choksi as well as others for their alleged roles in money laundering and 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.

It may be recalled that after the alleged scam was unearthed in 2018, an Enforcement Directorate charge sheet filed before a Mumbai court had named Nirav Modi and his sister Purvi Modi as accused.

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