Four Swiss Bank Accounts of Nirav Modi Frozen on ED Request
Mumbai: Officials in Switzerland have “frozen” as part of a criminal money laundering investigation against four Swiss bank accounts of Fugitive Dynamic Nirav Modi, the $ 2 billion PNB fraud case and his sister in India officially Sources said.
They stated that at present, the total deposited amount in the accounts is 283.16 crores and they are frozen at the request of the Enforcement Directorate (ED) because it informs Switzerland officials that the money kept in them is a “crime” of bank fraud done by the duo.
Neerav Modi (48) Since his arrest in March, approximately 2 billion Punjab National Bank (PNB) is locked in Wandsworth Jail in south-west London in the case of fraud and money laundering.
In the case of extradition, the first case management hearing took place on May 30 in the Westminster Magistrates’ Court, when Judge Emma Arbuthnot instructed the Indian government to confirm in which prison is to be given to Modi, if he were to be extradited to India, setting a 14-day deadline for a confirmation of the prison plans in India.
The UK’s Crown Prosecution Service (CPS), which represents the Indian government, has presented an initial status statement to register the first case against Modi till July 11, in which next case management hearing is scheduled for July 29 when the case of extinction is going on, it is expected to be kept.
Nirav Modi was arrested by Scotland Yard officials on extradition warrants on March 19 and has since been in jail. During the subsequent hearing, the Westminster Magistrate’s court was told that Modi was the “main beneficiary” of issuing Letter of Undertaking (LoUs) as a part of the plot to cheat PNB and then plot the proceedings of the crime.
Under Britain’s law, Modi is expected to appear in court every four weeks, in the court’s calendar, there is hope for another remand hearing before the trial of the July 29 case fixed.
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