HC refuses to stay auction of rare paintings seized from Nirav Modi

The Bombay high court (HC) on Wednesday refused to stay Thursday’s auction of 15 rare paintings seized from diamantaire Nirav Modi by the Enforcement Directorate

The Bombay high court (HC) on Wednesday refused to stay Thursday’s auction of 15 rare paintings seized from diamantaire Nirav Modi by the Enforcement Directorate (ED) in connection with the Punjab National Bank (PNB) fraud case. Modi, an accused in the case, is currently lodged in Wandsworth prison in London. The paintings and other luxury items were seized from Modi’s houses by the agency, after registering a money-laundering case against him and his uncle, Mehul Choksi.

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Modi’s son, Rohin, had moved the HC on Tuesday seeking to stop the March 5 auction at Saffronart Gallery in Prabhadevi, claiming the artworks belong to Rohin Trust, of which he is a beneficiary, and not his father.

The division bench of acting chief justice Bhushan Dharmadhikari and justice Nitin Borkar refused to stay the auction, but directed the ED to maintain a separate account for keeping the proceeds of the auction, as the hearing on the petition is pending. The bench also directed ED to submit a report of the auction and monies received from the sale of the paintings seven days after the auction was completed.

The Thursday’s auction will feature 40 more items, including the 15 artworks