PNB fraud: Swiss authorities block Nirav Modi bank accounts with 283 rupees cr

New Delhi: The Swiss authorities have blocked bank accounts of the volatile diamond Nirav Modi and its sister Purvi Modi with proceeds of USD 37.42 million (Rs.283.16 billion).
The authorities have blocked four accounts in this context.
This is considered a major setback for the main defendant of the Punjab National Bank (PNB) fraud. The Swiss authorities frozen these accounts at the request of the enforcement authority under the PMLA Act.
The request was made on the grounds that money on these bank accounts is illegally withdrawn from funds of Indian banks.
Nirav is due to be jailed on Thursday for a routine investigative investigation outside Westminster Magistrates’ Court in London. The 48-year-old will be appearing for the first time since his bail complaint was rejected by the British High Court earlier this month. This is his fourth attempt on bail.
In their ruling to the Royal Courts of Justice in London, Justice Ingrid Simler said there were “significant reasons” to believe that Modi would not capitulate because he has means to escape.
Modi was arrested by a uniformed Scotland Yard official on 19 March and has since been imprisoned.

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