In a global crackdown against fugitive diamantaire Nirav Modi, the Singapore High Court has ordered to freeze his assets in the island nation. India Today has learnt that 4 bank accounts of Nirav Modi's sister Purvi Modi Mehta and Mayank Mehta have been frozen having a total worth of Rs 44 crore.
According to the probe agency, "Singapore High Court has ordered freezing of balance of $6.122 million (Rs. 44.41 crore) in the bank account maintained in Singapore 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 on the ground that deposits in the bank account were made from proceeds of crime illegally siphoned off by Nirav Modi from the Punjab National Bank. It is pertinent to mention that the balance of $6.122 million was attached under section 5 of PMLA and the same has been confirmed by the Adjudicating Authority on March 8, 2019."
Just a few days back, ED had attached six bank accounts of Modi and his sister in Zurich having a value of over $6.1 million. So far ten bank accounts worth $12 million have been attached in Zurich and Singapore.
Before moving to London, Modi had applied for citizenship of Singapore but it was rejected by the authorities.
Nirav Modi, who is in London jail after his bail application was rejected by the court, is accused of defrauding PNB along with Mehul Choksi, another key accused in the case.
Apart from the main fraud case, the Enforcement Directorate (ED), during the course of its investigation, found out that the value of diamonds was increased on paper even though the quality was "very poor".
The details of the fraud came to light in February 2018, after the Punjab National Bank (PNB) disclosed that it had been hit by massive fraud.
Companies associated with Nirav Modi and Mehul Choksi used fake letters of undertaking to defraud banks.