Daijiworld Media Network - New Delhi (SR)

New Delhi, Jun 27: In a major setback to the fugitive diamond merchant Nirav Modi, authorities in Switzerland have frozen four bank accounts belonging to him and his sister Purvi Modi.

The four accounts having total deposits of $37.42 million (Rs 283.16 crore), have been frozen following a request sent by the Enforcement Directorate (ED) to the Swiss authorities. The 48 year old is the main accused in the USD 2 billion Punjab National Bank (PNB) fraud and money laundering case which is considered to be one of the largest banking scams in the country.

Uniformed Scotland Yard officers arrested Modi on an extradition warrant on March 19. During subsequent hearings, Westminster Magistrates' Court handed down at the Royal Courts of Justice in London and Justice Ingrid Simler concluded there were ‘substantial grounds’ to believe that Modi would fail to surrender as he does possess the means to ‘abscond’.

The fugitives bail application has already been rejected thrice by the UK High Court and as per sources he will be extradited to India in the coming months.