ED seeks nod to sell Nirav Modi’s cars, art worth Rs 99 crore

According to details in the application and the order of the adjudicating authority, the ED has sought permission to sell valuables worth Rs 40.84 crore which were seized from Nirav’s sea-facing Samudra Mahal residence at Worli.

The Enforcement Directorate (ED) on Thursday moved a plea in the special Prevention of Money Laundering Act (PMLA) court to sell Nirav Modi’s assets worth Rs 99 crore, which it had seized during a raid earlier this year. It includes paintings, watches, cars and other articles belonging to Nirav.

Nirav Modi at his office in Lower Parel, in Mumbai. (File photo: Aniruddha Chowdhury/Mint)

According to details in the application and the order of the adjudicating authority, the ED has sought permission to sell valuables worth Rs 40.84 crore which were seized from Nirav’s sea-facing Samudra Mahal residence at Worli.

It has also sought to sell the eight cars it had seized, valued at a total of Rs 61.75 lakh. The ED also wants to sell 173 paintings valued at Rs 57.72 crore, which were seized by the Income Tax (I-T) department. Of these, the department has already auctioned 55 paintings. The adjudicating authority of PMLA confirmed that the agency had made a provisional attachment of these properties on February 25.

“The paintings and articles mentioned are perishable and prone to speedy and natural decay,” ED’s plea read.