Nirav Modi, the fugitive businessman who is currently in the UK will soon lose all his assets that are currently under government custody. Enforcement Directorate chose the Saffronart auction house to manage the auctioning of the seized assets. The auction house will hold a public auction on February 27 and then online auctions of the seized items on March 3 and 4. There will be a total of 112 lots of items including Porsche Panamera, Rolls Royce Ghost and high-value paintings that will be sold online.
The Enforcement Directorate earlier failed to attract any bids on the Rolls Royce Ghost that had a base price of Rs 1.5 crore and the Porsche Panamera with a base price of Rs 60 lakhs. According to the new report on LiveMint, the Ghost will be sold for around Rs 75 lakhs to Rs 95 lakhs. There is no such estimation on the Porsche Panamera this time. The ED successfully sold the Mercedes-Benz GL-Class, which carried a base price of Rs 37.8 lakhs during the last auctions held by MSTC. It should be noted that ED did not approve the auctioning of seven other cars in a bid to gain more money. ED expected more money from the auctioning and wanted to put a higher base price but that did not go well for them.
It should be noted that the ED seized two different Rolls Royce Ghost sedans from the fugitive. The white coloured Rolls Royce Ghost was the most expensive vehicle sold through auction in April 2019. It was sold for Rs 1.33 crore, which is only Rs 10,000 more than the base price set by the ED.
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. However, ED did not approve the selling of the Porsche since they expected a higher bidding amount.
The Rolls Royce up for auctioning now is a 2010 model and it has about 24,000 km on the odometer. The car looks like in good condition and there are no scratches or dents on the vehicle too. The Porsche Panamera in white colour also looks like in great condition.
Through auctioning, ED also sold a BMW car that belonged to Mehul Choksi for Rs 11.75 lakhs. 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.