The Swiss authorities have forzen bank accounts of fugitive diamond merchant Nirav Modi and his sister Purvi Modi having deposit balance of Rs 283.16 crore in their four bank accounts in Switzerland.

The accounts were frozen following Enforcement Directorate's request under the Prevention of Money Laundering (PMLA) Act. The request was made on the ground that money was deposited in these bank accounts out of illegal funds siphoned off from Indian banks and the same has represented proceeds of crime.

The absconding diamantaire is accused of defrauding state-owned Punjab National Bank (PNB) via fraudulent Letters of Undertaking (LoUs) had been in possession of multiple passports, since revoked by the Indian authorities to the tune of Rs 13,500 crore.

He has been lodged in Wandsworth prison, considered one of Britain's most notorious cell, since March this year while his bail pleas have been rejected several times. Modi was arrested on the basis of the extradition request of India and a Red Corner notice issued against him on the request of the CBI last year.

He is believed to have arrived in London last year and was able to travel in and out of Britain at least four times since his passport was cancelled by the Indian authorities in February 2018.