BIG: Singapore Freezes Bank Accounts Containing Millions Held By Nirav Modi's Sister On ED's Request

General News

The global crackdown in the Nirav Modi case continues. After Switzerland, Singapore authorities have now cracked the whip on the fugitive diamantaire as the Singapore High Court has ordered to freeze assets of Nirav Modi.

Written By Shawan Sen | Mumbai | Updated On:

The global crackdown in the Nirav Modi case continues on Tuesday. After Switzerland, Singapore authorities have now cracked the whip on the fugitive diamantaire as the Singapore High Court has ordered to freeze assets of Nirav Modi.

Bank accounts connected to Nirav Modi’s sister Purvi Modi Mehta and Maiank Mehta have been frozen — worth Rs 44 crore. 

According to a statement, Singapore High Court has ordered freezing of balance of USD 6.122 million (Rs. 44.41 crore) in the bank account maintained by Pavilion Point Corporation, British Virgin Island, a company beneficially owned by Mr. Maiank Mehta and Ms. Purvi Modi (brother-in-law and sister of Nirav Modi) on the request of the Enforcement Directorate.

The move has been taken by Singapore High Court on ED's request on the ground that deposits in the bank account owned by Purvi Modi and Maiank Mehta were made from proceeds of crime illegally siphoned off by Nirav Modi from the Punjab National Bank.

The balance in the bank account worth USD 6.122 million was attached under section 5 of PMLA.

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Earlier, the ED had attached six bank accounts of Nirav Modi and his sister Purvi Mehta in Zurich having value of over US $ 6.1 million.

Switzerland-based banks accounts of Nirav Modi and his sister Purvi Modi were frozen with deposits worth $ 3.7 million and $ 2.7 million respectively. The Swiss authorities had blocked Nirav Modi and his sister's accounts after the India government informed Switzerland government over the theft and money-laundering case under which Modi is wanted by the ED in the country. 

So far ten bank accounts worth 12 million US $ has been attached in Zurich and Singapore. 

The details of the fraud came to light in February 2018, after Punjab National Bank disclosed that it had been hit by massive fraud.

The 48-year-old is lodged at Wandsworth prison in south-west London since his arrest by uniformed Scotland Yard officers on an extradition warrant in March. He was, on Thursday, further remanded to judicial custody until July 25. Nirav Modi is accused of defrauding Indian banks to a tune of Rs 13,700 crores.

READ | MASSIVE CRACKDOWN: Switzerland Authorities Freeze Fugitive Diamantaire Nirav Modi And His Sister's Bank Accounts Worth $ 6.4 Million. Details Here

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