Four Swiss bank accounts belonging to fugitive Nirav Modi and his sister Purvi Modi have been frozen by the authorities of Switzerland.
Swiss authorities have seized four Swiss bank accounts of Nirav Modi and his sister on request of Enforcement Directorate.
A press release issued by the Enforcement Directorate stated that authorities of Switzerland have frozen the bank accounts under the PMLA Act. The press release also reads as, “The request was made on the ground that money in the bank accounts were deposited out of illegal siphoned off funds from Indian banks.”
A total of US $ 6 million present in Modi’s Swiss bank accounts along with the assets have been frozen by Swiss authorities.
It is not only Nirav Modi, but his sister Purvi is also one of the accused in Rs. 13,000 crore PNB scam. The Interpol’s Loyn office in September last year had Red Corner notice against absconding diamond businessman Nirav Modi’s sister Purvi in connection with the Punjab National Bank scam.
Modi is expected to be produced before the court every four weeks under YK Law with another remand hearing expected before July 29 case management hearing currently fixed in the court’s calendar.