Earlier this month, the Enforce Directorate (ED) got clearance to auction off the vehicles of Nirav Modi in India. The ED is working to recover as much as Rs 12,500 crores from Modi, who took loans from Punjab National Bank (PNB) through illegal means. Nirav Modi’s thirteen cars including exotic vehicles like Rolls Royce and mass-segment cars like Honda Brio will go on public auction and even you can buy the vehicles by bidding online.
The auction of the vehicles will happen on April 25th through the Metal Scrap Trade Corporation Limited (MSTC), which is a state-owned e-commerce company and was awarded the contract of auctioning the vehicles. All the thirteen cars have got a reserve base price, which means that they carry a minimum price and the biddings can be placed above that price.
The lowest price vehicle in the line-up is the Honda Brio, which gets a base price of Rs 2.38 lakh while the Rolls Royce Ghost is available at a base price of Rs 1.33 crore. Below is a list that mentions the vehicle names and base prices.
|Car Name||Base Price|
|Rolls Royce Ghost||Rs 1.38 crore|
|Porsche Panamera||NOT MENTIONED|
|Mercedes-Benz GL350||Rs 37.8 lakh|
|Mercedes-Benz CLS350||Rs 14 lakh|
|Honda Brio 1||Rs 2.38 lakh|
|Honda Brio 2||Rs 2.66 lakh|
|Toyota Innova 2.5||Rs 8.75 lakh|
|Honda CR-V||Rs 10.15|
|Toyota Fortuner||Rs 9.10 lakh|
|Skoda Superb Elegance||Rs 5.25 lakh|
|Toyota Corolla Altis||Rs 3.50 lakh|
|BMW X1||Rs 9.80 lakh|
|Toyota Innova Crysta||Rs 10.50 lakh|
Bidders will be able to bid prices online through the MTSC website where they will have to register beforehand. Also, all the cars will be available for inspection between April 21 and April 23 but they are not available for test drives. The locations of all the cars are not known but many high-end vehicles are parked at the Samudra Mahal premises in Worli, where Nirav Modi stayed till 2018.
The bidders will have to deposit pre-bid earnest money to participate in the bidding process. The unsuccessful bidders will be able to get their money refunded by MTSC after the process is completed but it is not mentioned how much time will it take the firm to return the money. The ED searched and raided a lot of premises owned by Nirav Modi to seize the vehicles and valuables. Earlier, an auction of the paintings owned by Nirav Modi was done through a similar online process and a total of Rs 54.84 crore was collected. The vehicles are also expected to fetch a good amount of money through the auction.
Nirav Modi’s vehicles were seized from locations in Mumbai and recently, ED also seized a second Rolls Royce that was lying at a service station. However, that car is not a part of this auction. Many bidders are expected to participate in the bidding process and the final winning bids are expected to become public by the evening of 25th April.