Enforcement Directorate to auction 173 paintings, 11 cars that belonged to Nirav Modi

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Enforcement Directorate to auction 173 paintings, 11 cars that belonged to Nirav Modi

The Enforcement Directorate is set to auction as many as 173 paintings that belonged to fugitive businessman Nirav Modi -- after securing due permission from a special PMLA court. The agency will also soon sell 11 cars that belonged to him.

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 on Wednesday.

The same court also issued a non-bailable warrant against his wife, Ami Modi, after the ED recently filed a supplementary charge sheet underlining her role in the USD 2 billion PNB scam.

The development comes hours after Nirav Modi was arrested. His arrest on Tuesday from Holborn metro station in London came 17 months after the fugitive buinessman fled India.

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

A public auction will be held later this month -- probably on March 26. The link to the online auction by saffron art can be found here --https://www.saffronart.com/auctions/spring-modern-contemporary-indian-chinese-live-2019-4177

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 is accused of defrauding the Punjab National Bank of to the tune of over Rs 13,000 crore.

Sources have told India Today that with the arrest of Nirav Modi, his extradition proceedings are likely to start soon. Modi will be eligible to appeal for bail and most likely, he will be granted conditional bail.

Additionally, a team of Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are likely to leave for London soon. Top sources have told India Today TV that the top officials of investigative agencies are in touch with UK authorities and Indian High Commission in London is closely monitoring the developments.

Sources say, after being spotted in London by a media house, Nirav Modi had changed his address once again and began staying at a different address.

The UK Home Office, on March 7, had sent the extradition request of Indian agencies against fugitive Nirav Modi to the Westminster court after it found that the case is fit for extradition.

ED sources have told India Today TV that on March 9, the agency received an email from the UK Home Office which read, the extradition request was certified by Home Secretary and was sent to the Westminster Magistrate Court.