Auction of fugitive diamantaire Nirav Modi’s assets postponed

Rare paintings, exquisite wrist watches and luxury cars belonging to fugitive diamontaire Nirav Modi will be auctioned next month, auction house Saffronart said on Wednesday. The sale of 112 assets is being done by Saffronart on behalf of the Enforcement Directorate through a live auction, while 72 other items would be sold through an online auction. Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is currently lodged in a British jail.

Saffronart, which had conducted an auction of some artworks belonging to Modi in March last year that fetched over Rs 55 crore, initially said there would be a live auction of 112 items on Thursday (February 27) and an online auction next week.The online auction would be held as scheduled earlier on March 3 and 4. There would be 72 items in the online auction, including a Porsche Panamera S car which could be sold for up to Rs 15 lakh, the auction house said.