PNB Fraud: Belgian Government freezes two Nirav Modi’s bank accounts

PNB Fraud: Belgian Government freezes two Nirav Modi’s bank accounts

12.22
New Delhi: Taking action on the request of Enforcement Directorate the Belgian Government has reportedly frozen two bank accounts belonging to Diamond Merchant Nirav Modi.

“After the Punjab National Bank scam broke out and investigations were launched, all agencies were roped in to gather more and more facts. The Financial Intelligence Unit (FIU) has also been providing vital information,” said an official.

The Financial Intelligence Unit with the help of its counterparts in other countries identified two bank accounts belonging to Nirav Modi. The information was then shared with the Enforcement Department in India.

The Enforcement Directorate taking further action sought help from the Belgian Government requesting them to freeze Nirav’s bank accounts at the earliest to prevent him from using the funds, Hindu reported.

So far, the investigations carried out by the ED in the ₹ 13,578-crore scam have uncovered Nirav’s more than two dozen companies located in Belgium, the United States, United Kingdom, France, United Arab Emirates, Russia, China, Hong Kong, Singapore, South Africa, Singapore and Armenia.

The ED has also sent letters rogatory (judicial requests) to these countries seeking information on the scam case.

“As part of the letter, we also usually request the foreign jurisdictions concerned to freeze the assets under scrutiny so as to prevent the suspects from disposing then of during the money laundering probe,” said the official.