Blocking the felon..! Four Swiss ledgers of USD 6 million belonging to fugitive Nirav Modi seized on request of ED

New Delhi, June 27: Responding straight to the Enforcement Directorate’s appeal, the Government of Switzerland on Thursday moved up freezing all the Swiss Bank accounts of fugitive diamantaire Nirav Modi, containing USD 6 million in total. 

 

 

It is approximately four months ago that the ED had called the Switzerland Government to freeze Nirav Modi’s accounts after it traced the transfer of Rs 286 crore from Punjab National Bank (PNB) to Swiss Bank. The Directorate had claimed that the whopping amount was sent through layers, first to Dubai, then Hong Kong and further to Switzerland.

 

 

Modi, who has been lodged at Wandsworth prison in south-west London since his arrest in March in connection with the nearly USD 2 billion Punjab National Bank fraud and money laundering case, will be appearing for the first time since his bail appeal was rejected by the UK High Court earlier this month, his fourth attempt at bail.

 

He was arrested by uniformed Scotland Yard officers on an extradition warrant on March 19 and has been in prison since. During subsequent hearings, Westminster Magistrate’s Court was told that Modi was the principal beneficiary of the fraudulent issuance of letters of undertaking as part of a conspiracy to defraud PNB and then laundering the proceeds of crime.