Four Swiss bank accounts belonging to fugitive diamantaire Nirav Modi and his sister Purvi Modi have been frozen by authorities in Switzerland, sources said on Thursday.
The bank accounts of the duo having deposit balance of USD 3,74,11,596 (over Rs 258 crore) and GBP 27,38,136 (over Rs 283 crore) were seized on the request of the Enforcement Directorate (ED) under the Prevention of Money Laundering Act, 2002, said the sources.
The request by the probe agency was made on the grounds that the money deposited in these bank accounts was illegally siphoned off from the Indian banks.
The fugitive diamantaire was arrested by Scotland Yard in connection with the Punjab National Court (PNB) loan default case on March 19 this year.
Modi has been lodged at Wandsworth prison in south-west London.
India is seeking the diamond merchant's extradition to make him face the law of the land for allegedly committing economic offences like fraud and money laundering.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app