The Swiss authorities have frozen bank accounts of Nirav Modi and his sister Purvi Modi having deposit balance of US $ 3,74,11,596 and GBP27,38,136 (RS 283.16 crore). Currently, the fugitive diamantaire have four accounts in Switzerland. The Swiss authorites have taken the decision following the request of ED under the PMLA ACT .The request was made under the ground that money was deposited in these bank accounts out of money siphoned out illegally from PNB and other banks. It has been presented as proceeds of crime and the Swiss authorities have agreed with the contention of ED.
Nirav Modi is set to appear for remand hearing today in London. He is currently lodged in UK jail after being arrested in March in connection with the Rs 12,000 crore PNB fraud case. So far he has tried to get bail four times, but have been unsuccessful in each ot them. Nirav Modi's properties across the country have been attached in a bid to recover money laundered from PNB.
The UK's Crown Prosecution Service (CPS), representing the Indian government, has until July 11 to present an opening position statement laying out the prima facie case against Modi, with the next case management hearing set for July 29 when a timeline for extradition trial is expected to be laid out.
Modi was arrested by uniformed Scotland Yard officers on an extradition warrant on March 19 and has been in prison since. During subsequent hearings, Westminster Magistrates' Court was told that Modi was the "principal beneficiary" of the fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud PNB and then laundering the proceeds of crime.
Under UK law, Modi is expected to be produced before the court every four weeks, with another remand hearing expected before the July 29 case management hearing currently fixed in the court's calendar.
With PTI inputs
