Another Nirav Modi Rolls Royce SEIZED

Nirav Modi left India sometime back is currently being investigated by the Enforcement Directorate (ED) for fraud charges. In the latest move by ED, Nirav Modi’s Rolls Royce sedan has been attached. This is the second Rolls Royce of the businessman which has been attached by the ED. Last year, many luxury cars of the business tycoon were seized by ED including a Rolls Royce Ghost.

The second Rolls Royce car was reportedly left in the service centre by the businessman. When he left the country, the Rolls Royce had gone for servicing, which stayed in the service centre till now. ED has also attached seven other cars, an office premise at Kurla and other assets which are worth more than Rs. 148 crore. Nirav Modi currently owes more than Rs. 12,500 crores to the Punjab National Bank and is currently hiding in some other country.

The model of the latest Rolls Royce seized by the ED is not known. Earlier his Rolls Royce Ghost, Porsche Panamera, Mercedes-Benz GLS 350 CDI, Mercedes-Benz CLS, Honda CR-V, Toyota Innova and Toyota Fortuner vehicles were seized. All the names of the vehicle seized in the latest move by ED are not known. The assets seized by ED will be auctioned in the coming time to recover the money that Nirav Modi owes to the banks.

Nirav was a regular Page 3 celebrity and was in the diamond business. He had a large number of luxury vehicles that he used regularly to reach his parties and public events. The ED is also trying to get back Nirav Modi to India so that he can be tried according to the Indian laws. Nirav Modi and his uncle Mehul Choksi together defrauded the Punjab National bank of Rs. 12,500 crore by obtaining the letters of undertaking through fraud methods. Both of them fled the country last year after the CBI registered a case of cheating against them on the bank’s complaint.

It should be noted that Nirav Modi is not the first bank defaulter whose vehicles have been seized by the law department. Earlier, Vijay Mallya’s vehicle’s were also seized and auctioned in the open market. However, such public auctions do not get much attention and cars do not fetch much money. We are not sure when the auction of the cars owned by Nirav Modi will happen but it is expected to happen in the coming times.

A source told TOI that another Rolls Royce car belonging to Nirav was lying in a different parking lot of a Kurla building. ED seized the car and they were examining the details, they found about an office on the ground floor of the building that belonged to Nirav. From there, they found about the Rolls Royce car.