Nirav Modi Nailed: Singapore High Court Orders Freezing of Rs 44.41 Crore in His Kin's Account on ED's Request
The account, whose freezing order has been issued, was registered in the name of one Pavilion Point Corporation, an entity registered in the British Virgin Islands. The ED in its request before the Singapore HC claimed that the money stashed in Pavillion Point Corp's account was 'proceeds of crime', illegally siphoned off by Modi.
New Delhi, July 2: In what is likely to further tighten the noose around PNB scam accused Nirav Modi, the Singapore High Court on Tuesday ordered the freezing of Rs 44.41 crore in an account controlled by the jeweller's kin. The order in India's favour was issued by the bench based on the request of Enforcement Directorate.
The account, whose freezing order has been issued, was registered in the name of one Pavilion Point Corporation, an entity registered in the British Virgin Islands. Nirav Modi's Swiss Bank Accounts Seized Ahead of Hearing in UK Court
The company is jointly owned by Mayank Mehta and Purvi Mehta, the respective brother-in-law and sister of Nirav Modi, reports said.
The ED in its request before the Singapore HC claimed that the money stashed in Pavillion Point Corp's account was "proceeds of crime", illegally siphoned off by Nirav Modi from the Punjab National Bank (PNB).
Update by ANI:
Nirav, along with his uncle and fellow and diamantaire Mehul Choksi, is accused of defrauding the PNB -- India's second largest state-run lender -- to the tune of Rs 13,800 crores.
The uncle-nephew duo allegedly availed an unprecedented amount of credit from the bank using fraudulent letter of undertakings (LoUs).
Days before the alleged scam came to light in January 2018, Nirav and Choksi had left the nation along with their families. While the latter has been located in Antigua, Nirav was found in the UK where he has been arrested based on the Interpol's Red Corner Notice. The extradition proceedings are currently underway.
(The above story first appeared on LatestLY on Jul 02, 2019 02:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).