After the income-tax department’s recovery of ₹54.84 crore from the sale of Nirav Modi’s paintings, the enforcement directorate is likely to hold an online auction of the diamantaire’s 13 cars, including two Mercedes Benz, on April 18.(HT )
After the income-tax department’s recovery of ₹54.84 crore from the sale of Nirav Modi’s paintings, the enforcement directorate (ED) is likely to hold an online auction of the diamantaire’s 13 cars on April 18.
The cars include Rolls Royce Ghost, Porsche Panamera, two Mercedes Benz, three Honda cars, Toyota Fortuner and an Innova, among others. The luxury vehicles were seized by the ED, which has charged Modi with money laundering in the Punjab National Bank (PNB) scam. The cars are expected to raise at least a few crores, as they are in good condition.
The contract for the auction has been given to Metal Scrap Trade Corporation Limited (MSTC), a state-owned e-commerce company. The I-T department’s auction was conducted by a private firm.
Bidders can inspect the vehicles, but they can’t do a test drive. The inspection is likely to be allowed a week before the auction. Sources said details such as the estimated cost, manufacturing year, the model, photographs, and documents will be available on the website in the coming week. “The auction catalogue is being prepared and the details will be put up on the MSTC website,” said an officer, adding, “The sale is likely to be held on April 18. We are finalising the arrangements and locations where bidders can check the vehicles before buying them.”
After the sale, the bidder will be given a time period to complete the registration formalities.
The Westminster Magistrates Court on Friday denied bail to Modi for the second time, after the prosecution raised the prospect of him fleeing the UK, influencing witnesses and destroying evidence in the high-profile case.
Nirav Modi will stay in the Wandsworth jail until the next hearing on April 26. The revelations included Nirav Modi applying for a citizenship-by-investment scheme in Vanuatu by seeking to invest $200,000 in 2017, which was rejected; Nirav Modi living in London since January 2018 in a central London flat on rent, and allegedly threatening to kill witness Ashish Lad.