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Auction Of Nirav Modi Expensive Belongings, A Watch Sold For 91 Lakhs

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The Enforcement Directorate’s action against fugitive businessman Nirav Modi has intensified. On behalf of the ED, three flats of Nirav Modi are being auctioned at Samudra Mahal in Worli, Mumbai, which are worth Rs 110 crore. Apart from this, many assets, including Breach Candy flat, Alibaug bungalow, windmill, and solar power project, are being sold.

With the help of these sales, efforts are being made to recover Rs 6500 crore. So far, 130 crores have been retrieved from the Enforcement Directorate and Income Tax Department. This includes her fashion and art collection, paintings, vehicles, and watches.

On Wednesday and Thursday, an auction house sold two watches of Nirav Modi for 1.8 crores. Rs 2.71 crore has been recovered from bidding on these luxury items. One watch is sold for 90.5 lakhs; the second watch is sold for 89.5 lakhs.

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Apart from this, Desmond Lazaro’s painting has been sold for 22.38 lakhs, another watch for 19.16 lakhs, a lady handbag for 12.91 lakhs, and another bag for 11.09 lakhs. This bidding process has been highly successful. It is believed that given this success, the expensive items of Nirav Modi and his family will be further sold by the ED.

Attached are assets worth 4400 crores

ED has attached assets worth 4400 crores of Nirav Modi and his family members. This includes both movable and immovable property. In this, the authorities have the right to keep assets worth Rs 1400 crore. ED has handed over a property worth Rs 1000 crore to Punjab National Bank.

This includes Rhythm House, Nepean Sea flat, an office building in Kurla and jewellery worth rupees. Jewellery is being auctioned. The bank is doing this auction. At present, Punjab National Bank has not taken any decision regarding the auction of this property.

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Nirav Modi had fled the country in 2018

Nirav Modi defrauded the Punjab National Bank of thousands of crores with the help of fake bills. He used to show counterfeit import bills and ask the bank to pay the bills to the exporters based in Dubai and Hong Kong. All this work was going on with the help of a Letter of Undertakings.

In these countries, Nirav Modi had opened all the fake companies, with the help of which this black game was going on. This game went on for years, but it got busted in 2018 when he defaulted the payment to Punjab National Bank. After this, he left India overnight with his family and left.

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Shubham Dubey
Shubham Dubey
Shubham has an excellent knowledge of science and technology. He has one year of experience in writing articles. He also had worked for many websites. He loves singing and painting.

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