The Government-owned firm Metal Scrap Trading Corporation (MSTC) raised Rs 2.9 crore by re-auctioning five out of seven luxury cars of fugitive diamantaire Nirav Modi. Enforcement Directorate (ED) confiscated Modi’s luxury cars, for which the re-auction took place on Thursday.
Earlier on Aril 25, the same company had auctioned 13 luxury cars of Modi and his uncle Mehul Choksi and raised Rs 3.29 crore in bids. A Rolls Royce Ghost and Porsche Panamera belonging to diamantaire Nirav Modi were sold for Rs 1.70 crore and Rs 60 lakh, respectively.
As per ET, “The list of cars put up at the earlier (April 25) auction included a Rolls Royce Ghost, a Porsche Panamera, two Mercedes Benz cars, a Toyota Fortuner, an Innova and three Honda cars, among others. The vehicles were reported to be in good condition and were expected to fetch a handsome sum, but turnout out to be below ED’s expectations and went under the hammer again, with a higher base price this time.”
Fugitive diamantaire Nirav Modi is the main accused in the $2 billion PNB scam and is wanted in India on charges of fraud and money laundering. Modi had applied for bail in the UK High Court on May 31, a day after his remand was extended till June 27.