Nirav ModiSingapore HC: Freeze Nirav Modi’s bank deposits

Mumbai: Following a request made by the Enforcement Directorate (ED), the Singapore high court ordered the freezing of bank deposits belonging to fugitive diamantaire Nirav Modi in the Punjab National Bank (PNB) fraud case. The frozen account is in the name of Pavillion Point Corporation, which is based in the British Virgin Island.

The total bank deposits are worth Rs 44.41 crore (USD 6.122 million) and the officials said that probe report in the ongoing money laundering case was also shared with the Singaporean authorities, revealed ED on Tuesday.

The ED officials said that the deposits are kept in that country allegedly by Modi’s sister and brother-in-law and is owned by Purvi Modi and Maiank Mehta. This development comes in the backdrop of Modi’s bail plea being rejected in London in the extradition case being fought by the ED in the United Kingdom.

The report shared with the Singaporean authorities stated that the said proceeds are part of the crime, which was illegally siphoned off by Modi from the PNB.

“Singapore High Court has ordered attachment of bank account having a balance of USD 6.122 Million (Rs 44.41 crore) on the request of ED in Nirav Modi case,” ED tweeted confirming the development.

The latest jolt to the diamantaire comes a week after Swiss authorities froze four Swiss bank accounts, stashed with Rs 283.16 crore belonging to Modi and his sister Purvi, based on the case’s investigation.

The action was initiated based on the provisional order issued under the Prevention of Money Laundering Act (PMLA) last September. The ED had made a similar request then.

While the noose is tightening around Modi and his uncle and co-accused Mehul Choksi in the money laundering case, this is a welcome development, ED official said.   

The ED and the Central Bureau of Investigation (CBI) are jointly probing Modi and Choksi — another jeweller —  for defrauding the PNB’s Brady House branch to the tune of over Rs 13,000 crore.