On Tuesday, Singapore High Court has ordered the freezing of bank deposit amount Rs. 44.41 crore kept in the nation by PNB fraud convict Nirav Modi’s sister and brother-in-law as a part of the money laundering scam in India, said the Enforcement Directorate.
The investigation agency said that bank account in the name of Pavillion Point Corporation is based in the British Virgin Island, a “beneficially owned” company by Maiank Mehta and Purvi Modi.
The two are brother-in-law and sister of Nirav Modi, who is under arrest in the alleged bank fraud scam in London.
It has further ordered freezing of bank balance of Rs. 44.41 crore on the request of the Enforcement Directorate on the ground of bank account deposits were made from “proceeds of crime” illegal siphoned off by Mr. Modi from the Punjab National Bank, it reported.
The agency had further linked the bank account in Singapore as a part of a provisional order issued in 2018 under the Prevention of Money Laundering Act and it was confirmed by the Adjudicating Authority of the law in March 2019, it added.
Last week, four bank accounts in Swiss Bank, holding deposits of around Rs. 230 crore of Mr. Modi, the main convict in $2 billion PNB scam, and his sister were seized by Switzerland Authorities as a part of the money laundering investigation being managed against them in India.