PNB Fraud: Four Swiss Bank Accounts Of Nirav Modi, Sister Purvi Modi Frozen
Nirav Modi’s Swiss bank accounts have deposits totalling Rs 283.16 crore.
Four Swiss bank accounts of Punjab National Bank fraud accused Nirav Modi and his sister Purvi Modi have been "frozen" by Switzerland as part of the criminal money laundering probe being conducted against them in India, sources said.
The $2 billion PNB fraud, perperated by Nirav Modi and his uncle Mehul Choksi, was unearthed last year and Purvi Modi was also named an accused in the case.
According to the sources, Nirav Modi and Purvi’s Swiss bank accounts have deposits totalling Rs 283.16 crore. They have been frozen on the request of the Enforcement Directorate after it informed Switzerland authorities that the money kept in them are "proceeds of crime" of a bank fraud perpetrated by the duo.
The Enforcement Directorate, sources said, made the request to Swiss authorities some time back and sent an official request under the criminal provisions of the Prevention of Money Laundering Act.
Nirav Modi's Swiss bank accounts have deposits of $3,74,11,596 while the accounts in the name of his sister Purvi Modi has deposits of 27,38,136 pounds, said sources. This totals around Rs 283.16 crore, they said.
The Enforcement Directorate is expected to now make a move for the attachment of these Swiss bank accounts under the PMLA.
The Enforcement Directorate, along with the Central Bureau of Investigation are investigating Nirav Modi, his uncle Mehul Choksi and others for money laundering and corruption to defraud PNB’s Brady House branch in Mumbai to the tune of over Rs 13,000 crore.