ED reauctions Nirav Modi cars for extra funds

By

Isabelle Crossley

Published
Jun 7, 2019

The Enforcement Directorate held a second auction for two of accused jewellery tycoon Nirav Modi’s cars on June 4 and garnered an extra Rs 42 lakh ($60,555.60) as Modi remains held in a UK jail awaiting his extradition trial.

The ED decided to reauction two of Modi’s cars on Tuesday after previously having auctioned them off online for Rs 1.88 crore. The second auction garnered an extra Rs 42 lakh to total Rs 2.3 crore. Two of Modi’s cards, a Rolls Royce and a Porsche, had been previously auctioned by a state-owned e-commerce firm, TNN reported.

The auction took place as part of the court order allowing the ED to auction 11 vehicles and 173 paintings belonging to Modi as he has been officially labelled a fugitive economic offender. Under the Prevention for Money Laundering Act, those labelled fugitive economic offenders can have their property confiscated with the aim of moving them to stand trial for their accused crimes. 

Modi is currently bring held in Wandsworth prison in the UK as he awaits the official start of his extradition trial. The ED and Central Bureau of Investigation will attempt to convince UK authorities that he will be treated and tried humanely and that he should be extradited to India to stand trial for his accused fraud at the Punjab National Bank. The Indian government agencies are now preparing their case and Modi’s lawyers are preparing their defence.