Fugitive diamantaire Nirav Modi's art sold; taxmen to get Rs 55 crore

On March 19, Nirav Modi, who was absconding for over a year, was finally spotted and then arrested in London

Despite an objection filed by fugitive Nirav Modi’s company Camelot Enterprises, leading Indian art auction house Saffronart went right ahead and auctioned 68 lots of art for sale at its Spring Live Auction on Monday evening in Mumbai.

The catalogue, which was estimated to generate between Rs 30 crore and Rs 50 crore, did better with net sales of Rs 55 crore that will go to the tax authorities.

Of the 68 works, 55 were sold, Saffronart representatives say. The art was auctioned in a bid to recover around Rs 96 crore due from Camelot Enterprises, one of the dozens