Samikhsya Bureau
The Swiss authorities have forzen bank accounts of fugitive diamond merchant Nirav Modi and his sister Purvi Modi having deposit balance of Rs 283.16 crore in their four bank accounts in Switzerland. Nirav Modi is the main accused in the Punjab National Bank scam while Purvi Modi is a co-accused.
The reports in Bern said the accounts were frozen following the Indian Enforcement Directorate’s request under the Prevention of Money Laundering (PMLA) Act. The request was made on the ground that money was deposited in these bank accounts out of illegal funds siphoned off from Indian banks and the same has represented proceeds of crime.
According to a press release by the ED, “The request was made on the ground that money in the bank accounts were deposited out of illegal siphoned off funds from Indian banks.”
The 48-year-old diamantaire is accused of defrauding state-owned Punjab National Bank (PNB) of Rs. 13,500-crore through fraudulent Letters of Undertaking (LoUs). He fled India in 2018 after the scam came to limelight despite a red corner notice issued against him on the request of the CBI.
He had been in possession of multiple passports, since revoked by the Indian authorities.
On March 19, Nirav Modi was arrested by uniformed Scotland Yard police officers on an extradition warrant. Since then he has been lodged in Wandsworth prison, considered one of Britain’s most notorious cell. His bail pleas have been rejected several times.
Along with the CBI, ED has been investigating Nirav Modi, his uncle Mehul Choksi and others for their involvement in the PNB scam. Choksi, another diamantaire, also left India after the scam and has now taken refuge in Antigua.
Both are wanted by judiciary in India for several cases relating to cheating, dishonesty, money laundering, criminal breach of trust and conspiracy.
