PMLA court allows I-T dept to sell 68 Nirav Modi paintings worth Rs 58 cr

Tax Dept had seized a total of 173 works of art; PMLA also issues non-bailable warrant against wife Ami Modi

A clash between two law enforcement agencies over the liquidation of fugitive diamantaire Nirav Modi’s assets has come to a pass. The special court hearing the Prevention of Money Laundering Act (PMLA) cases has on Wednesday permitted the income-tax (I-T) department to auction 68 modern Indian artworks belonging to him, which were provisionally attached by the Enforcement Directorate (ED).

The I-T department had seized 173 paintings worth ~57.72 crore (book value) during the search operations at the Mumbai office of Camelot Enterprises, an alleged shell company of Nirav Modi, who owes ~96 crore in taxes. Later, the ED had also