The troubles seems to be increasing for Nirav Modi, after Swiss authorities have frozen the bank accounts of fugitive diamond merchant having deposit balance of Rs 283.16 crore combined in four bank accounts in Switzerland.
After the Enforcement Directorate’s request under the Prevention of Money Laundering (PMLA) Act the swiss authorities decided to freeze the accounts. The request was made on the ground that money was deposited in these bank accounts out of illegal funds siphoned off from Indian banks.
For those who don’t know, Nirav Modi is accused of defrauding state-owned Punjab National Bank (PNB) via fraudulent Letters of Undertaking (LoUs). Nirav Modi is in Wandsworth prison, since March this year while his bail pleas have been rejected several times.
Nirav was arrested on the basis of the extradition request of India and a Red Corner notice issued against him on the request of the CBI last year. He is believed to have arrived in London last year and was able to travel in and out of Britain at least four times since his passport was cancelled by the Indian authorities in February 2018.