Enforcement Directorate (ED) has given the contract for the auctioning of Nirav Modi’s luxury cars to state-owned Metal Scrap Trade Corporation Limited (MSTC), who will take care of the proceedings. MSTC will hold an online auction on its website on April 18, 2019 and anyone with a valid account will be able to bid on all the vehicles.
The cars seized from Nirav Modi garage includes a Rolls Royce Ghost, Porsche Panamera, Mercedes-Benz CLS, Mercedes-Benz GLS, Toyota Fortuner, Toyota Innova, Honda CR-V, and more. All the vehicles will be sold through the online auctioning to ensure a transparent bidding process.
Recently, the absconding diamantaire Nirav Modi's 68 artworks fetched Rs 59.37 crore at an auction held by the income tax department at Mumbai’s JK Banquets.
The IT department recovered the artworks after sealing Nirav’s properties and selected Saffronart to conduct an auction on their behalf, after a screening process that lasted a few weeks.
48-year-old Modi, whose diamonds have sparkled on Hollywood stars, is one of the prime accused in a $2 billion loan fraud at state-run Punjab National Bank. Modi denies the charges and believes they are politically motivated.