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PNB scam: Singapore HC orders freezing bank account of Nirav Modi’s family

Our Bureau New Delhi | Updated on July 02, 2019

Nirav Modi

 

On Enforcement Directorate’s (ED) request, Singapore High Court (HC) has come down heavily upon diamantaire Nirav Modi’s family. In a press note, ED informed that the Singapore HC had ordered freezing of balance of up to $ 6.122 million or Rs 44.41 crore in the bank account of Modi’s sister Purvi Modi and his brother-in-law Mayank Mehta.

The bank account was maintained in Singapore by Pavilion Point Corporation based out of British Virgin Island, a company beneficially owned by Nirav Modi’s family.

ED submitted to the court that the deposits in the bank account were made from proceeds of crime illegally siphoned off by Nirav Modi from the Punjab National Bank.

The press note further said, “It is pertinent to mention that the balance of $6.122 million was attached under section 5 of Prevention of Money Laundering Act and the same has been confirmed by the adjudicating authority on March 8 this year.”

Published on July 02, 2019

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