Nirav Modi is the prime accused in the Rs 13,000 crore Punjab National Bank scam. Even before the scam got exposed, He left the country to avoid facing arrest. In March this year, Nirav Modi was arrested in London and lodged in Wandsworth Jail. His bail hearing comes up for hearing on November 6th.
Enforcement Directorate sought the permission of special Prevention of Money Laundering Act (PLMA) Court to auction the seized assets of Nirav Modi. It brought to the notice of the Court that values of seized assets will continue to fall if they were kept idle for a longer duration. Following which, The permission has been granted by the Court.
e-Commerce Firm Metal Scrap Trade Corporation Limited (MSTC) was assigned the contract of e-auction of Nirav Modi's assets. Interested Parties need to pay deposit to qualify for the bidding process. All the Bidders will be allowed to inspect the vehicles that will be auctioned on November 4th and 5th.
Car Collection of Nirav Modi include Bentley Arnage (DAF 0001), Prosche Panamera (MH-01-AT-5), Mercedes Benz GL 350 (MH-01-BS-8) and Rolls Royce Ghost (MH-01-AS-8). Two Cars which were sold for Rs 1.70 crore and Rs 60 lakh in the auction held in June this year will be re-auctioned as the sale was incomplete due to few issues.