Nirav Modi’s car collection to be auctioned again, including Rs 2 crore Bentley Arnage

Nirav Modi car auction: Some of these 13 cars are being re-auctioned, including a Rolls Royce Ghost and a Porsche Panamera which were sold for Rs 1.7 crore and Rs 60 lakh, respectively earlier on.

By:Published: November 3, 2019 2:22:22 PM
nirav-modi-cars-auction-edPhoto: Enforcement Directorate/Twitter @dir_ed

The luxury car collection once owned by former diamond-merchant and fugitive from the law Nirav Modi will once again go under the hammer on 7 November, according to a Hindustan Times report. The priciest one of the 13-car collection is said to be a Bentley Arnage the starting price of which is Rs 2 crore. Earlier in April, Modi’s cars were auctioned with the overall value received in bids exceeding 9% compared to the base price that was fixed at Rs 3.01 crore.

Some of these 13 cars are being re-auctioned, including a Rolls Royce Ghost and a Porsche Panamera which were sold for Rs 1.7 crore and Rs 60 lakh, respectively earlier on but the auction fell through due to minor issues.

The diamond-merchant and jewellery designer is the prime accused in the Rs 13,000 crore scam involving the Punjab National Bank. He fled India a month before CBI registered a case against him and his family but was arrested in March this year. Modi is currently being held in at Wandsworth Jail in London and has applied for bail the hearing for which will take place on 6 November.

The HT report further states that in August this year, the Enforcement Directorate (ED) had sought permission from the special Prevention of Money Laundering Act (PMLA) court to sell the assets like cars, watches, and paintings seized from Modi’s family. The plea also said that the maintenance cost for the items would exceed their value if stored away for longer periods.

Nirav Modi, Mehul Choksi’s cars auctioned: Prices today and why some sold for almost Rs 1 crore less!

Bidders can inspect the vehicles on November 4 and 5 at three locations – Samudra Mahal in Worli, Grosvenor House at Peddar Road and the basement parking of Kohinoor City in Kurla (West). Some of the cars have special VIP numbers like the Bentley Arnage (DAF 0001), the Rolls Royce Ghost (MH-01-AS-8), Porsche Panamera (MH-01-AT-5) and the Mercedes Benz GL 350 (MH-01-BS-8).

Source: Hindustan Times

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