After his art, Nirav Modi's cars to go under the hammer

Nirav Modi

The Enforcement Directorate (ED) has given a contract for the auction of fugitive diamantaire Nirav Modi's 11 luxury cars, to the Metal and Scrap Trading Corporation of India. They will soon hold an auction for his cars which include Rolls Royce, Mercedes, Porsche etc.

An official from the corporation said, "We will soon prepare a catalogue with the pricing for all 11 cars which will be displayed on our website. Bidders can collect forms from the Metal and Scrap Trading Corporation of India's office. They will be allowed to inspect vehicles but won't be able to test drive them."

Following the arrest of Modi in London, UK, the ED last week got permission from the Prevention of Money Laundering Act (PMLA) court in Mumbai to sell 173 paintings and auction 11 cars belonging to him. Recently, the income tax department sold 55 art works for Rs 54.84 crore.

The court has also issued a Non-Bailable Warrant (NBW) against his wife Ami Modi, who is accused along with Nirav and his uncle Mehul Choksi, in the over Rs 13,000 crore Punjab National Bank (PNB) fraud case. India has requested the extradition of Modi.

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