Luxury cars belonging to Nirav Modi, Mehul Choksi auctioned for over Rs 3 Cr

The Enforcement Directorate on Friday auctioned a total of 12 luxury cars - 10 of Nirav Modi Group and 2 of Mehul Choksi Group - for over Rs 3 crore.

In line with the PMLA Court's March 20 order, the ED, through Metal Scrap Trade Corporation Ltd. (MSTC), e-auctioned attached vehicles of the two businessmen for approximately Rs 3.29 crore.

On March 20, a special court under the Prevention of Money Laundering Act (PMLA) had granted permission to auction paintings and cars belonging to Nirav Modi.

"A special PMLA court has allowed Income Tax Department's application to auction some paintings from the collection of Nirav Modi. All those paintings have been seized by the ED," sources had said.

The fugitive diamond merchant is wanted for his alleged involvement in the Rs 13,000 crore Punjab National Bank (PNB) loan default case, along with Choksi, his uncle-cum-business partner.

Choksi was granted citizenship of Antigua and Barbuda on January 15, 2018. Both Modi and Choksi left India in January last year before the PNB scam came out in the public. The duo has not returned to India despite repeated summons from probe agencies and courts.

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