Earlier this month, a special court in Mumbai authorised the Enforcement Directorate (ED) to auction fugitive Nirav Modi’s cars which were previously seized. ED conducted an online auction for 13 cars previously owned by the diamond trader and his uncle Mehul Choksi, receiving bids of Rs 3.29 crore, according to an Indian Express report. The overall value received in bids is more than 9% higher than the base prices that were fixed at Rs 3.01 crore. The diamond-merchant and jewellery designer fled India a month before CBI registered a case against him and his family.
Following are the winning bids on Nirav Modi and Mehul Choksi’s cars, in comparison to their list prices and used car prices in today’s market:
Rolls-Royce Ghost
The most expensive car in Nirav Modi’s collection is the Rolls-Royce Ghost which is positioned below the luxury car manufacturer’s flagship model Phantom. Powered by the same 6.6-litre twin-turbo V12 engine as the Phantom, it does 0-100 km/h in 4.8 seconds and a top speed of 250 km/h. While ED fixed its base price at Rs 1.33 crore, the winning bid for this car was Rs 1,33,10,000 (Rs 10,000 higher than the base price). While Rolls-Royce Ghost Series II currently retails at Rs 4.48 crore, a used 2010 model of the Ghost is available at about Rs 2.25 crore.
Porsche Panamera
Sports car manufacturer Porsche’s first attempt at sedans resulted in the Panamera. Modi owned a diesel first-gen Panamera which is powered by a 3.0-litre V6 diesel engine. It does 0-100 km/h in 6.6 seconds and a top speed of 250 km/h. The winning bid for Modi’s Panamera was Rs 54.6 lakh. A brand new Porsche Panamera retails at Rs 2.14 crore and used ones are available at about Rs 42 lakh to Rs 90 lakh, depending upon the model.
Mercedes-Benz 4Matic GL 350 CDI
The highest bid for Nirav Modi’s Mercedes Benz 4Matic GL 350 CDI was Rs 53.76 lakh, which was over Rs 15 lakh higher than its base price of Rs 37.8 lakh. Last recorded list price of the GL 350 CDI is Rs 77.5 lakh, and a used GL-Class is available at Rs 37 lakh to Rs 60 lakh.
The highest bid for Modi’s Mercedes-Benz CLS 350 was Rs 16 lakh, and for his Honda CR-V was Rs 10.26 lakh. The highest bids for Choksi’s two cars — a BMW X1 and a Toyota Innova Crysta — was Rs 11.75 lakh and Rs 18.06 lakh respectively, the IE report states.
Current-generation Mercedes-Benz CLS is priced at Rs 84.7 lakh, new Honda CR-V at Rs 28.31 lakh, BMW X1 at Rs 35.19 lakh, and Toyota Innova Crysta at Rs 14.93 lakh.
Speaking of used car prices, the CLS sells on an average of Rs 38.5 lakh, old-generation Honda CR-V is available from about Rs 1.4 lakh to Rs 17 lakh, depending upon model and condition. A used BMW X1 retails at about Rs 8 lakh to 28 lakh, and a Toyota Innova Crysta Rs 16.5 lakh to 21.75 lakh.
The auction was conducted through state-owned MSTC Ltd to sell Nirav Modi’s cars that include a Rolls-Royce Ghost, Porsche Panamera, Mercedes-Benz CLS 350, Mercedes-Benz 4Matic GL 350, Toyota Fortuner, two Toyota Innovas, Honda CR-V and a Honda Brio.
As per the court order, the details of the auction will be submitted to the court and ED will also deposit the proceeds from the sale with a nationalised bank in a fixed deposit. Earlier in March, the Income Tax Department raised Rs 54.84 crore from the auction of paintings and artwork owned by Modi.
Photos: Enforcement Directorate/Twitter @dir_ed