Enforcement Directorate (ED) is working to recover more than Rs 12,500 crores from Nirav Modi will soon hold an online auction of the vehicles belonging to Nirav Modi. The sale will take place online and anyone with a valid account will be able to bid on all the vehicles of Nirav Modi that have been seized by the ED.
The income-tax department recently recovered a total of Rs 54.84 crores by auctioning the Nirav Modi’s paintings. The next auction will be held on April 18 involving all of Nirav Modi’s cars online. The cars seized from Nirav Modi includes a Rolls Royce Ghost, Porsche Panamera, Mercedes-Benz CLS sedan, Mercedes-Benz GLS 350 CDI SUV, Toyota Fortuner, Toyota Innova, three Honda CR-V, and more. All the vehicles are with ED and will be sold through the online auctioning to ensure a transparent bidding process.
The contract for the auctioning has been signed and Metal Scrap Trade Corporation Limited (MSTC) has been appointed to take care of the proceedings. It is a state-owned e-commerce company and will hold the auctions on April 18, 2019. You need to register on this website, where the online auction will happen.
It should be noted that bidders can physically inspect the vehicles before the auctions. As per the report on HT, bidders will be allowed to inspect the vehicle physically a week before the auction takes place. However, no bidder is allowed to test drive the vehicles. All the vehicles will be available for inspection at a commonplace. Details like the estimated cost, manufacturing year, photographs, model name will be available on the MSTC official website from next week. MSTC is currently preparing a catalogue for the vehicles that will be auctioned. It is now known where the vehicles will be displayed for auction as the bidding company is still doing the final arrangements. Once the bidder successfully bids and wins, a specific time period will be given to the winner to complete all the formalities.
ED seized a second Rolls Royce model from Nirav Modi in February this year after learning that a second Rolls Royce registered in the accused’s name was parked at a service centre when Nirav Modi left the country. The ED seized the second Rolls Royce earlier but it is not known if the vehicle will be put on the auctioning catalogue. The prices of the vehicles can be quite competitive. Earlier, vehicles of Vijay Mallya were auctioned in a similar fashion. The exact condition of the vehicles is not known.
Currently, Nirav Modi is under arrest in the UK and his bail was denied by the court for the second time. He has been staying in London since January 2018 but is currently spending time in Wandsworth jail. If you want to bid for the vehicles, you can register on the official site of MTSC and place your bids on 18th April.
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