The initial buzz around the Nirav Modi-PNB scam case has fizzled out, although the investigations are still continuing.
And this is the latest update.
The Belgian authorities have frozen two accounts of diamond merchant Nirav Modi on the Enforcement Directorate’s request.
“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.
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The FIU, with its counterparts in other countries, identified two bank accounts of Mr. Modi in Belgium. The input was shared with the ED for further action.
Subsequently, the Directorate sought help from the Belgian government via a diplomatic channel to freeze Mr. Modi’s accounts at the earliest to prevent him from using the funds parked there.
Investigations into the ? 13,578-crore scam have so far led the agency to zero in on more than two dozen companies located abroad.
These entities were set up in countries like Belgium, the United States, United Kingdom, France, United Arab Emirates, Russia, China, Hong Kong, Singapore, South Africa, Singapore, and Armenia.
While the ED has already sent letters rogatory (judicial requests) to at least seven foreign jurisdictions seeking information on the case, similar requests are being dispatched to about seven more countries.
“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.
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