Nirav Modi’s Rolls Royce Ghost, Porsche, other luxurious cars to be up for online auction
India

Nirav Modi’s Rolls Royce Ghost, Porsche, other luxurious cars to be up for online auction

After seized paintings belonging to Nirav Modi fetched the tax agencies more than Rs 54 crore, the enforcement directorate (ED) is likely to hold an online auction of the diamantaire’s 13 cars on April 18.

“We will put out public notices of the auction.. likely to be conducted on April 18,” an official from the central agency told ET. “By this week, we will also share the details of the cars with MSTC,” the person said on condition of anonymity.

Before the auction, interested buyers will be allowed to physically inspect the cars. 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.

Meanwhile, ED and CBI have conducted a meeting with the Maharashtra jail authorities to discuss the possibility of readying a cell in Mumbai’s Arthur Road jail for Modi in the event of his extradition from the UK, people familiar with the matter said. Like fugitive businessman Vijay Mallya, who would be housed in Arthur Road’s Barrack No 12 in the event of his extradition, Modi, too, is likely to be accommodated in the same barrack.

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