Gujarat jewellery dealer Nirav Modi and his cousin Mukul Choksi fled abroad after securing a Rs 14,000 crore loan at the Mumbai's Punjab National Bank. Steps are being taken to detain Nirav Modi who has been arrested and imprisoned in London, the UK's capital.
In this case, the enforcement authorities have decided to auction off the assets seized from Nirav Modi in Mumbai and collect the amount owed to the bank.
Accordingly, the auction of Nirav Modi's properties in March last year raised Rs. 55 cores. Now, it is being decided to auction off expensive items, including paintings and cars belonging to Nirav Modi.
112 of these items will be auctioned directly from today (Thursday) and 72 items will be auctioned online on the 3rd and 4th of next month (March). ShapronArt is auctioning these items on behalf of the enforcement department.
One of the most famous paintings in the book, Boys with Lemons, painted in 1935 by female painter Amrita Sher-Gil, is expected to go on auction for Rs 12 crore to Rs 18 crore.
More expensive diamond watches and luxury cars are being auctioned off. It is estimated that only a luxury car suitable for the long haul will be auctioned for Rs. 95 lakhs.