Now, Nirav Modi’s Cars to Go Under Hammer

After seized paintings belonging to Nirav Modi fetched the tax agencies more than Rs 54 crore, now 13 high-end cars of the fugitive jeweller are set to go under the hammer. Metal Scrap Trading Corporation will conduct e-auction of the 13 cars seized by the Enforcement Directorate (ED), people aware of the development told ET.

According to sources, the auction is likely to take place in the third week of April. “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 that include a Rolls Royce Ghost, a Porsche Panamera and two Mercedes Benz. However, they won’t be permitted to carry out a test drive. “We are in the process of finalising a venue where we could conduct this inspection,” the official said. ED hopes to raise “a few hundred crores” from the auction, the official said.

ARTHUR ROAD JAIL FOR NIRAV?

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.

Courtesy: ET Retail.com