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Nirav Modi's Assets to be Auctioned off Soon

The stage has been set for the auctioning of assets belonging to Nirav Modi, the fugitive diamond trader who defrauded the Punjab National Bank of Rs. 14,000 crore. The auction will take place on March 24 and 25, 2023, in Mumbai, with a reserve price of Rs. 1,200 crore.

The assets that will be up for auction include luxury cars, paintings, and real estate properties. These assets have been seized by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). The ED has also attached Modi's overseas assets worth Rs. 1,400 crore, which are yet to be auctioned.

The ED has conducted several auctions of assets belonging to economic offenders in the past, with the highest bid amounting to Rs. 51 crore for a property owned by Vijay Mallya. The proceeds from the auction will be used to repay the defrauded amount to the PNB and other banks.

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