The Enforcement Directorate (ED) will hold an online auction of luxury cars owned by diamantaire fugitive Nirav Modi on April 18. The auction comes after the sale of paintings acquired by the Income Tax department (IT).
In March, a Prevention of Money laundering Act (PMLA) special court had allowed the agencies to sell 178 paintings and high-end vehicles owned by Modi.
According to reports, the contract for selling the cars has been given to a government-run e-commerce company - Metal Scrap Trade Corporation Limited (MSTC). The IT department had earlier auctioned several artworks owned by Modi for Rs 59.37 crore with the help of private firm Saffronart in Mumbai.
The details of the cars, including the price, model, year of manufacturing, photographs and relevant documents will be put on the company's website. The bidders can inspect the vehicles, but will not be allowed to go for a test drive.
"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", reports Hindustan Times.
Nirav Modi is being investigated in a $2 billion fraud case of Punjab National Bank (PNB). He is also sued by Paul Alfonso, a Los Angeles-based entrepreneur for defrauding $4.2 million. Modi had fooled Alfonso of a custom diamond engagement rings that turned out to be lab diamonds.
Modi's bail plea was rejected for a second time by the Westminster Magistrates Court last week. He will now be produced before the court on April 26 via video conferencing, till then he will stay at the Wandsworth Jail.
Here are some of the cars owned by Nirav Modi that are going to be auctioned by MSTC:-
Rolls Royce Ghost
Price: Rs 3 - 5 crore
Price: Rs 1 - 1.5 crore
Mercedes GLS 350 CDI
Price: Rs 70 - 80 lakh
Mercedes CLS - Class
Price: around Rs 10 - 20 lakh
Price: around Rs 18 lakh
Price: around Rs 8 - 11 lakh
Price: around Rs 7 - 10 lakh