PNB fraud: Enforcement Directorate gets PMLA court's permission to auction 173 paintings, 11 cars belonging to Nirav Modi
Last week, the court had issued a non-bailable warrant against Ami Modi, wife of Nirav Modi, a key accused in the $2 billion Punjab National Bank fraud case.
Last week, the PMLA court had issued a non-bailable warrant against Ami Modi, wife of Nirav Modi
The financial crime probe agency has alleged that Ami used an international bank account to move $30 million
The funds were used to buy property located in New York's Central Park, the ED has said
The Enforcement Directorate (ED) has got permission from the PMLA court in Mumbai to sell as many as 173 paintings of Nirav Modi, said a media report.
According to ANI, as many as 11 cars, most of them luxury ones, will also be auctioned.
Last week, the court had issued a non-bailable warrant (NBW) against Ami Modi, wife of Nirav Modi, a key accused in the $2 billion Punjab National Bank (PNB) fraud case.
ED Sources: Enforcement Directorate gets permission from PMLA court in Mumbai to sell 173 paintings(in pic-one of the paintings). 11 cars to also be auctioned. NBW has been issued by PMLA court against Ami Modi, wife of Nirav Modi pic.twitter.com/0pw6EuV1k9
— ANI (@ANI) March 20, 2019
The ED will put on sale the 173 paintings of Modi which are valued at Rs 57.72 crore and eleven vehicles that include Rolls Royce, Porsche, Mercedes and Toyota Fortuner. A public auction will be held later this month, the officials said.
The court, they said, also allowed the Income Tax Department to sell another 68 paintings seized by it as part of its separate probe against the absconding diamantaire.
The warrant against Ami was issued by Special Prevention of Money Laundering Act (PMLA) Judge M S Azmi after he took cognisance of the supplementary charge sheet filed by the ED against Nirav (48) and other accused a few days ago, said a PTI report.
The financial crime probe agency has alleged that Ami used an international bank account to move $30 million, suspected to be proceeds of the scam.
The funds were used to buy property located in New York's Central Park, the ED has said.
In its supplementary chargesheet, the agency has recorded additional evidences gathered in the case and attachments made.
It is understood that the ED has underlined the role of Ami Modi and funds routed by her in the supplementary chargesheet.
The ED had filed the first chargesheet in this case in May last year.
According to investigating agencies, Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB to the tune of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).
These LoU were allegedly issued in a fraudulent manner by a Mumbai branch of the PNB to the group of companies belonging to Nirav Modi since March 2011 till the fraud came to light in January 2018, the agencies have said.
— With PTI inputs
In This Case reprises two dominant themes in Basquiat's work, anatomy and representation of African-American characters.
PNB scam: Mumbai court issues show cause notice to Nirav Modi, asks why properties should not be attached under FEO Act
The special court had in December 2019 declared Nirav Modi a fugitive economic offender on a plea of the Enforcement Directorate, which is conducting a probe into the case