Nirav Modi-owned 13 luxury cars to go under hammer
What's the story
After his 68 artworks, fugitive billionaire Nirav Modi's 13 luxury cars will reportedly go on auction on April 18. The 13 cars include Rolls Royce Ghost, two Mercedes Benz and Porsche Panamera, among others. The Enforcement Directorate (ED), the agency responsible for enforcing economic law, will hold the online auction. The Income Tax department recovered some amount from selling the artworks on March 26.
Auction
MSTC to conduct the online auction, details out next week
Metal Scrap Trade Corporation Limited (MSTC), a state-owned e-commerce company, is given the contract for conducting the online auction. Although the bidders will not be allowed to take a test drive, they can inspect the vehicles one week before the auction. Other details like the model, photographs, estimated cost, documents and manufacturing year will be available on the MSTC website in the coming week.
Quote
Auction catalog is being prepared, says concerned officer
An officer said, "The auction catalog is being prepared and details will be put up on the MSTC website. The sale is likely to be held on April 18. We are finalizing the arrangements and locations where bidders can check the vehicles before buying them."
Extradition
ED, CBI in talks with Maharashtra jail authorities for extradition
Moreover, the bidder will be given time, after the auction, for completing the registration process. Meanwhile, the ED along with the Central Bureau of Investigation (CBI) is in talks with the Maharashtra jail authorities to prepare for Modi's possible extradition from the UK. Modi, who is the main accused in the Punjab National Bank scam, is under custody in the UK.
Custody
UK court denied bail, Modi under arrest till April 26
On March 29, the Westminster Magistrates Court denied bail to Modi on the prospect of fleeing the UK, tampering the evidence and influencing the witnesses if let free. Modi, arrested in London on March 20, will remain in the Wandsworth Jail till April 26. Earlier, Modi had denied all the charges against him and called them politically motivated. He fled the country last year.
Information
Modi allegedly threatened to kill Ashish Lad, a witness
According to reports, Modi, who has been living in his central London flat since last January, allegedly threatened to kill witness, Ashish Lad. In 2017, Modi also tried to invest Rs. 1.4cr in Vanuatu to apply for citizenship under the citizenship-by-investment scheme, which was rejected.
Context
Backstory: With his uncle, Modi cheated PNB for years
For the uninitiated, Modi and his uncle Mehul Choksi pulled off the Rs. 13,000 crore PNB scam, allegedly with the help of few employees of the state-run bank. A number of LoUs were issued to them since 2011, which helped them obtain funds from different entities. The scam, initially pegged at Rs. 280 crore, grew substantially with time, prompting ED and CBI to launch an investigation.
Information
Income Tax department recovered Rs. 54.84 crore in artwork auction
On March 26, Saffronart, a leading international auction house, appointed by tax authorities, conducted the auction of 68 artworks owned by Modi. This was the first time that artwork was auctioned. The I-T department recovered Rs. 54.84 crore from the auction in Mumbai.