Mumbai Court Approves ED Auction of Nirav Modi’s Seized Luxury Cars
A special court in Mumbai has permitted the Enforcement Directorate (ED) to auction two high-end vehicles seized from fugitive diamond businessman Nirav Modi, marking the latest development in the multi-crore Punjab National Bank (PNB) fraud case.
Nirav Modi, who was declared a fugitive economic offender in December 2019 under the Prevention of Money Laundering Act (PMLA), has had multiple assets attached by the ED over the years. These include luxury vehicles, premium properties, and expensive artworks. The agency argued that the seized cars have been lying unused for years, resulting in rapid deterioration and rising maintenance costs.
The ED had sought permission to auction three cars — a Skoda Superb Elegance, a Mercedes-Benz GLE 250, and a Mercedes-Benz 4MATIC FL 350 CDI — collectively valued at over ₹1 crore as per attachment orders. However, the court approved the auction of only two vehicles:
- Mercedes-Benz GLE 250 - Skoda Superb (via a renewed auction order)
The plea to auction the Mercedes-Benz 4MATIC FL 350 CDI was not approved at this stage. The court observed that leaving the cars idle was causing deterioration, adding that further delays could push maintenance expenses beyond their recoverable value.
Given that Nirav Modi and other accused remain absconding and the trial is unlikely to begin soon, the court said that auctioning the seized assets is both practical and necessary. The proceeds will contribute to compensating defrauded lenders in the high-profile PNB case. Apart from the cars, the ED has been liquidating several other attached properties, including luxury paintings and real estate assets belonging to Nirav Modi and his companies.
Modi fled India in early 2018, shortly before the registration of the FIR related to the alleged ₹13,850 crore fraud involving PNB. He continues to contest his extradition before UK courts, even as Indian authorities proceed with legal action and asset recovery operations in his absence.
