Nirav Modi’s Rolls Royce, Porsche and Mercedes up for auction AGAIN

The Enforcement Directorate (ED) had auctioned the cars belonging to Nirav Modi and his uncle Mehul Choksi through an online bidding process this April. The auction gathered over Rs 3.29 crore with 12 cars sold online. However, the ED has now decided to auction seven of these cars once again on June 4 because they didn’t fetch good prices in the earlier bid. The seven cars in question include biggies like the Rolls Royce Ghost, Porsche Panamera and the Mercedes Benz GL-Class among others. Nirav and Choksi allegedly defrauded Punjab National Bank of Rs 13,000 crore through fraudulent letters of undertaking and for the same, ED is taking steps to sell off their properties.

According to Mumbai Mirror, the base price of these cars has been increased this time in order to get a better value off them. The silver Rolls Royce Ghost owned by Nirav Modi has a base price of Rs 1.5 crore this time, while the minimum price for the Porsche has been set at Rs 60 lakh. The Mercedes-Benz GL-Class, on the other hand, has a base price of Rs. 40 lakh. Nirav Modi and Mehul Choksi’s cars were put up for online auction by Metals & Scrap Trading Corporation (MSTC) and the total sum collected was Rs. 3.29 crore. However, the ED didn’t approve of the auction of seven cars because it was expecting more money from them.

To let you know, the Rolls Royce Ghost was the most expensive vehicle sold through auction in April. It was sold for Rs 1.33 crore, which is only Rs 10,000 more than the base price set by the ED. With the base price set at Rs. 1.5 crore now, it is expected to fetch much more than it did in the previous auction. It is a 2010 model and has around 24,439 km on the odometer and also has a VIP number. The Porsche Panamera was the second most expensive vehicle sold in the auction last time at Rs. 54 lakh while the Mercedes-Benz GL350 followed next with a sale price of Rs 53.76 lakh, which was Rs 16 lakh more than its base price of 37.8 lakh.

Other cars that were auctioned included a BMW car belonging to Mehul Choksi which 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.

The ED had 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 fresh auction of these cars will happen on June 4, that is, today itself. It remains to be seen now if the cars with increased base price are sold at higher prices or not. However, since the base price has been increased substantially, they could fetch some more money. Luxury cars like Rolls Royce and Porsche among others have a high value of depreciation and hence are often sold for much less than what they initially costed. This is the reason why there are so many new luxury used car retail chains opening up around the country as used luxury cars can be bought by people who otherwise would not have thought o buying them.