Nirav Modi’s 173 Paintings, 11 Vehicles To Be Auctioned By Enforcement Directorate

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The Enforcement Directorate will sell 173 paintings and 11 vehicles “beneficially owned” by Nirav Modi after it obtained permission from a special court in Mumbai, officials said.

The same court, they said, also issued a non-bailable warrant against his wife Ami after the Enforcement Directorate recently filed a supplementary charge sheet underlining her role in the $2-billion Punjab National Bank scam.

The Enforcement Directorate will put on sale the 173 paintings of Modi which are valued at Rs 57.72 crore and 11 vehicles, including Rolls Royce, Porsche, Mercedes and Toyota Fortuner.

A public auction will be held later this month, the officials said.

The court, they said, also allowed the Income Tax Department to sell another 68 paintings seized by it as part of its separate probe against the absconding diamantaire.

Modi was arrested by the Scotland Yard from the Holborn area of London and denied bail by a U.K court. He will be remanded in custody till March 29.

. Read more on Business News by BloombergQuint.

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