PNB fraud: Swiss authorities freeze Nirav Modi bank accounts having Rs 283 cr


New Delhi: The Swiss authorities have frozen bank accounts of fugitive diamantaire Nirav Modi and his sister, Purvi Modi, with deposits of $37.42 million (Rs 283.16 crore).

The authorities have frozen four accounts in this connection.

This is being considered as a big setback for the Punjab National Bank (PNB) fraud main accused. The Swiss authorities have frozen these accounts following requests from the Enforcement Directorate under the PMLA Act.

The request was made on the ground that money was deposited in these bank accounts are illegally  siphoned off funds from Indian banks.

Nirav is set to appear via video link from prison for a routine remand hearing before Westminster Magistrates’ Court in London on Thursday. The 48-year-old will be appearing for the first time since his bail appeal was rejected by the UK High Court earlier this month. This is his fourth attempt at bail.

In her judgment handed down at the Royal Courts of Justice in London, Justice Ingrid Simler said there were “substantial grounds” to believe that Modi would fail to surrender as he possesses means to abscond.

Modi was arrested by uniformed Scotland Yard officers on an extradition warrant on March 19 and has been in prison since then.

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