Ahmedabad, July 2: Karma is catching up with fugitive swindlers Nirav Modi and Vijay Mallya who are scared of the long arm of Indian law possibly catching up with them soon.
As and when they land in an Indian jail, Nirav Modi would probably realize that ‘diamonds are not forever’ while Mallya would no longer be the ‘King of Good Times’ but a prisoner of destiny.
According to reports, the Singapore High Court has ordered freezing of Rs.44.41 crore worth of bank deposits made by Nirav’s sister Purvi Modi and brother-in-law Mayank Mehta.
The Singapore High Court directed freezing of USD 6.122 million (Rs.44.41 crore) on the request of India’s financial fraud probe agency Enforcement Directorate (ED). It was done on the ground that the bank deposits were “proceeds of the crime” and illegally siphoned off by Nirav from Punjab National Bank (PNB) in a USD 2 billion (nearly Rs.13,000 crore) scam.
PNB fraud accused Nirav is being hauled over the coals by the ED which is investigating, among other things, money laundering cases related to the fugitive who is behind bars in London in the bank fraud, fearing extradition to India.
ED said the Singapore bank account was in the name of one Pavillion Point Corporation, based in the British Virgin Island, a company “beneficially owned” by Purvi and Mayank. ED had attached the said bank account in Singapore as part of a provisional order of 2018 under the Prevention of Money Laundering Act (PMLA).
Notably, four Swiss bank accounts, which held Nirav and his sister’s deposits of around Rs.283 crore, were also frozen last week.
The other ‘star’ accused, Vijay Mallya, is also facing possible extradition by July-end if he is not granted leave to appeal by the London High Court at his oral hearing on Tuesday. 00