Nirav Modi, Mehul Choksi’s 13 luxury cars on auction

Thirteen luxury cars owned by fugitive diamantaires Nirav Modi and his uncle Mehul Choksi went on online auction by the Metals & Scrap Trading Corporation, here on Thursday.

The auction is being carried out on behalf of the Enforcement Directorate (ED) which had seized these vehicles from Modi and Choksi last year.

The vehicles include a silver Rolls Royce with a reserve price of Rs 1,33,00,000, a Porsche worth Rs 54,60,000, a red Mercedes Benz Rs 14,00,000, a white Mercedes Benz Rs 37,80,000 and a BMW Rs 9,80,000.

Besides, there are two Honda Brio, Toyota Innova, Honda CRV, Toyota Fortuner, Skoda Superb Elegance, Toyota Corolla Altis and Toyota Innova Crysta.

Of these 13 vehicles, the BMW and Toyota Innova Crysta belong to Choksi and the rest belong to Modi, his family and his group companies.

Prior to the auction, the prospective bidders were permitted physical inspection of the vehicles at various locations earlier this week.

A MSTC official said that by 4 p.m. the highest bidders shall be known and communicated to the ED which will take the final decision on awarding the successful bids.

The ED auction follows an order of the Special PMLA court permitting the sale of these cars.



Enforcement Directorate to sell Nirav Modi’s 173 paintings and 11 cars

The Enforcement Directorate (ED) will soon start the auction of 173 paintings and 11 vehicles of fugitive diamantaire Nirav Modi after it obtained permission from a special court in Mumbai on Wednesday.

The development comes after Nirav Modi was arrested in London’s Holborn on Tuesday afternoon in connection with Rs 13,500 crore Punjab National Bank (PNB) fraud case and was on Wednesday sent to Metropolitan Police custody till March 29 after being denied bail.

The ED will put the 173 paintings of the 48-year-old businessman on sale which are valued at Rs 57.72 crore and eleven vehicles that include a Rolls Royce, Porsche, Mercedes and Toyota Fortuner.

The auction is expected to be held on March 26.

The ED has till date attached properties worth Rs 4,765 crore of Nirav Modi and his uncle Mehul Choksi of Gitanjali Group. Both left India days before the case came to light in January 2018.

The court has also issued a non-bailable warrant against his wife Ami Modi, a US national, for being the beneficiary of alleged purchase of two apartments at Central Park in New York using $30 million laundered money, which her husband had obtained fraudulently from thee PNB through Letters of Undertaking (LoU) and Foreign Letters of Credit (FLCs). The ED recently filed a supplementary charge sheet against Ami.

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

Nirav Modi’s extradition proceedings are likely to start soon.

Nirav Modi and Choksi are under probe by both the ED and the Central Bureau of Investigation. The ED filed money laundering cases against them and others on February 15, 2018 on the basis of an FIR registered by the CBI.



300 cars gutted in Aero show fire in Bengaluru on Saturday

A fire in the parking lot in front of the Yelahanka air base in Bengaluru, where the Aero India show is underway, gutted around 300 cars on Saturday, police said. No casualties were reported.

The fire is likely to have been caused due to dry grass catching fire aided by high velocity winds, Director General of Police in Karnataka M.N. Reddi told IANS.

The fire, which began at around 12 noon, quickly burnt down the vehicles parked by visitors and public attending the show at the Indian Air Force base.

It gave out thick black smoke. Attempts were made to control the blaze by creating a gap by removing adjacent cars.