Nirav Modi's luxury cars auctioned in India to recover bank dues: Rolls Royce to Porsche sold!

Nirav Modi loses 12 cars including Rolls Royce & Porsche: Prices of auctioned cars out!

Enforcement Directorate (ED) has auctioned the cars belonging to Nirav Modi and his uncle Mehul Choksi through an online bidding process on Thursday. Earlier, ED seized the vehicles from various locations and received a green light from the court to auction the vehicles to recover the money from the duo. The auction gathered over Rs 3.28 crore with 12 cars sold online including Rolls Royce Ghost, Porsche Panamera, Mercedes-Benz GL-class and more. However, no one placed any bid for the 2011 Toyota Corolla Altis 1.8G, which carried a base price of Rs 3.25 lakh. ED collected Rs 28 lakh more than the collective base price of the vehicles and the bidding process had to extend by 90 mins due to the aggressive bidding calls.

Rolls Royce Nirav Modi

The Rolls Royce Ghost became the most expensive vehicle sold through the bidding process. It was sold for Rs 1.33 crore, which is only Rs 10,000 more than the base price set by the ED. It is a 2010 model and has around 24,439 km on the odometer and gets a premium number. the second most expensive vehicle sold in the bidding is the Porsche Panamera that came with a premium number and is sold Rs 54 lakh, same as the base price set by ED. The Mercedes-Benz GL350 saw aggressive bidding and was sold for Rs 53.76 lakh, which is Rs 16 lakh more than the base price of 37.8 lakh. Other cars  The BMW car belong to Mehul Choksi was sold for Rs 11.75 lakh, more than the Rs 9.8 lakh base price. The Toyota Innova Crysta got a winning bid of Rs 18.06, and it came with a base price of Rs 10.5 lakh. There were two Honda Brio hatchbacks in the auction list too and both the vehicles fetched the lowest price of Rs 2.7 lakh each.

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Originally, the online auction was scheduled to take place from 12 noon to 4 PM but towards the end, the bidding became aggressive, which is why the auction was extended to 5:30 PM. The value of the vehicles was decided after checking the condition of the vehicles and the odometer reading. ED allowed bidders to inspect the vehicles for auction from Sunday to Tuesday but no test drives were allowed. The vehicles will be handed over to the winners after thoroughly going through the bids and completing the paperwork. It may take two to three weeks.

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All the winners need to deposit 5% of the listed price of the vehicles that they bid for through the online website. ED will communicate to the winners through letters and the highest bidders receive the acceptance letters, they will have two weeks to deposit the remaining money. If the owners fail to deposit the money within the stipulated time, the bid will be forfeited and the deposit money will not be returned.

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Earlier, ED auctioned off the paintings belong to Nirav Modi, which fetched a total of Rs 54 crore. Modi and Choksi are accused in the 13,570 crore fraud that involves Punjab National Bank. Both the accused are currently not in India.