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.

FP Staff March 20, 2019 16:24:17 IST
PNB fraud: Enforcement Directorate gets PMLA court's permission to auction 173 paintings, 11 cars belonging to Nirav Modi
  • 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.

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.

PNB fraud Enforcement Directorate gets PMLA courts permission to auction 173 paintings 11 cars belonging to Nirav Modi

File image of Nirav Modi. News 18

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

Updated Date:

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