A court in Dubai has ordered the seizure of Devina Mehra's bank accounts, documents in possession of Businessworld show. Mehra is the founder of First Global, one of India's leading equity research and portfolio management services firms. The order to seize her bank accounts was issued on February 29 this year by the Dubai Judge Ibrahim Al-Sayyid Muhammad Ali Abu Arab, the documents show.
As per the english translation, the order states, "The courts order the seizure of money or property that the party (Divena Mehra - executor against) has and an acknowledgment of what you owe during the term."
Mehra did not respond to an email query and Whatsapp message. Her reply will be added to the story as and when received.
Following the order, the Dubai authorities have seized Mehra's accounts with Abu Dhabi Commercial Bank and Emirates NBD, sources in the know said. She is also said to be holding a third account at Liechtensteinische Landesbank AG, a Swiss bank, which has come out in the Dubai proceedings, the sources said.
Seizure of Mehra's bank accounts came after Dubai government authorities issued a look out circular (LOC) against her on February 2. But just two days prior to the LOC, Mehra managed to fly to New Delhi from Dubai and her immigration was marked at 8.02 AM, details from the documents show. On May 16, Businessworld first broke the story on LOC notice against Mehra. In her response to BW last time on the LOC story, Mehra had said that some personal assets were under litigation as part of her divorce process, which had nothing to do with the business or First Global.
As per Mehra's social media activities, she recently claimed to be in Mumbai. First the LOC and then the seizure of Mehra's bank accounts is related to the money she owes to a claimant, the documents show. The request for seizure of Mehra's bank accounts and properties was made by one Musaab Muhammad Abdullh, a lawyer for the claimant, the documents show.
Mehra who originates from India has given up her citizenship here and taken up the citizenship of Antigua and Barbuda, a tiny island nation in the Caribbean, known for its blue water beaches and offshore financial services. Mehra and First Global are among India's leading equity portfolio managers and handle millions of dollars worth client money.
The LOC against Mehra was issued following a judgment of Dubai Court ordering her to pay millions to a claimant, in case number 1637/2022. The LOC, a no-fly notice was issued under execution case number 139/2024. In another case, the Supreme Court of UAE has asked Mehra to pay $7 million to the claimant under case number 121/2023. The Dubai LOC was issued by the Department of Wanted Persons - General Department of Criminal Investigations and Investigations.
