PMLA court grants ED permission to sell paintings and high-end cars seized from Nirav Modi

The PMLA special court has given a go-ahead to the investigative agencies to sell off the paintings and vehicles belonging to fugitive economic absconder Nirav Modi, who was arrested by the UK police on Tuesday.

Republic TV has accessed ED documents, which suggests that the Income Tax department had seized 173 paintings worth Rs 57.72 crores, out of which 68 paintings would be auctioned and the amount recovered from that will deposited in banks.

Further, 11 high end cars of Nirav Modi, including the expensive ones like Rolls Royce, Porsche have also been seized, and they will also be sold by the authorities after having procured due permission from the court.

In the ED documents, each and every detail concerning Nirav Modi, and the action taken by the investigative agencies against him, are mentioned. The PMLA court also issued a non bailable warrant against Nirav Modi's wife Ami Modi on the request of ED.

READ: BIG Diplomatic Win For India: Nirav Modi Arrested In London; To Be Produced At The Westminster Court

Nirav Modi was arrested by the UK Police on Tuesday, and official confirmation of the same was announced on Wednesday. He is accused of defrauding Indian banks to a tune of Rs 13,700 crores.

The Enforcement Directorate, which has been pursuing the case, has confirmed the massive development. "Fugitive diamond merchant Nirav Modi arrested in London, to be produced in court later today," the agency said.

Just over a week ago, Nirav Modi was caught roaming on the UK street by a British daily. Following that, ED sources said that the UK authorities took note of India's extradition request of 2018 and ordered the court to initiate legal proceedings against the fugitive absconder.

The ED and the CBI are investigating Modi, his uncle Mehul Choksi and others for alleged money laundering and corruption to perpetrate the alleged scam in the Brady House branch of the PNB in Mumbai that was unearthed last year.

On January 31, the CBI registered an FIR against Nirav Modi, his wife Ami Modi, uncle (and Gitanjali Gems Ltd's MD) Mehul Choksi, Gokulnath Shetty -- a now-retired PNB deputy manager, and others, based on a complaint by a PNB officer named Avneesh Nepalia. The complaint alleged that the Punjab National Bank had been defrauded to the tune of Rs 280 crores.

PNB subsequently initiated a probe and said in a regulatory filing on Thursday that it had discovered unauthorised transactions totalling Rs. 11,400 crore.