The global crackdown against fugitive Nirav Modi continues as Singapore High Court has now ordered the attachment of Nirav Modi’s properties and bank accounts worth $6.122 million (approximately Rs 44.41 crores) on the request of Enforcement Directorate.
SINGAPORE HIGH COURT HAS ORDERED ATTACHMENT OF BANK ACCOUNT HAVING BALANCE OF USD 6.122 Million (Rs. 44.41 crore) ON THE REQUEST OF ED IN NIRAV MODI CASE.
— ED (@dir_ed) July 2, 2019
According to the reports, the Singapore High Court ordered the freezing of balance of $6.122 million (Rs 44.41 crores) crore in the bank account maintained in Singapore by Pavilion Point Corporation, British Virgin Island, a company beneficially owned by Mayank Mehta and Purvi Modi brother-in-law and sister of Nirav Modi.
Last week, in a big boost to Narendra Modi government in their crackdown against Nirav Modi, Switzerland had frozen four bank accounts worth $6 million belonging to fugitive Nirav Modi following the request of the Enforcement Directorate (ED) under the PMLA act.
The ED had informed regarding the process of attaching other foreign assets of the fugitive diamantaire who is believed to have at least 80-85 shell companies and around 200 bank accounts, which could be in Switzerland as well as in British Virgin island and also in Cayman Island.
Based on a similar request by the Enforcement Directorate (ED), Belgian authorities had also frozen two bank accounts of Nirav Modi companies last year.
Nirav Modi, his wife Ami Modi, brother Nishal Modi, and uncle Mehul Choksi are accused of defrauding Punjab National Bank to the tune of Rs 14,356 crore by obtaining Letter of Undertaking without furnishing any guarantee.