Nirav Modi’s Rolls Royce Ghost sold again: fetches higher price than before

The Enforcement Directorate (ED) on Tuesday conducted a re-auction of several cars belonging to diamond merchant Nirav Modi. To let you know, the ED had conducted an auction in April where it listed around 12 cars belonging to Nirav Modi and Mehul Choksi. However, about a week back, ED decided to conduct a re-auction of some of those cars which failed to get the value they deserved. According to a report by Hindustan Times, the grey Rolls Royce Ghost and Porsche Panamera belonging to Nirav Modi were sold for Rs 1.70 crore and Rs 60 lakh, respectively, in the re-auction.

Out of the 12 cars that were seized from Nirav Modi, 6 were put on re-auction as the ED found the bids less for the Rolls Royce Ghost and Porsche Panamera. Apart from these two, the other four cars that went under the hammer on Tuesday were sold in the previous auction but the buyers failed to deposit the requisite amount for them. The contract for the e-auction was given to the Mumbai office of Metal Scrap Trade Corporation Limited (MSTC), a state-owned e-commerce company

To let you know, the same 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. However, its base price was set to Rs. 1.5 crore this time and hence it attracted a higher price of Rs. 1.60 crore than the earlier figure of Rs. 1.33 crore. Nirav’s Rolls Royce Ghost is a 2010 model and has around 24,439 km on the odometer along with having a VIP registration number. The Ghost is powered by a 6.6-litre twin-turbo V12 engine from BMW that churns out 562 Bhp of power and 780 Nm of torque on tap.

The Porsche Panamera was sold for Rs. 60 lakh this time while the last auction saw it going for Rs. 54.60 lakh. Though two cars were sold for higher amounts than their previous auction price, three cars received bids of lesser value than at the first auction. The three cars are a Mercedes Benz GL 350, Toyota Innova and Honda Brio. The Mercedes Benz GL 350 was sold for 48 lakh as compared to the previous price of Rs. 53.76 lakh while the Honda Brio went for Rs 2.39 lakh as compared to the earlier price Rs 3.90 lakh. The Toyota Innova MPV fetched Rs. 8.70 lakh in this auction as compared to Rs 9.12 lakh it fetched before. Moreover, a Skoda Superb sedan which earlier got a Rs 7.02 lakh bid remained unsold this time around.

The ED seized several of Nirav Modi and Mehul Choksi’s properties after they allegedly defrauded Punjab National Bank of Rs 13,000 crore through fraudulent letters of undertaking. Earlier, ED auctioned off several of the paintings seized from their properties and the paintings fetched a good price. With the Rolls Royce sold at 1.60 crores, the total amount will now cross Rs. 2.50 crores easily.