MUMBAI: A distinct court docket in Mumbai on Wednesday allowed for an public sale of a high valued art number of Nirav Modi, the absconding diamantaire. Reports say he has been arrested on Wednesday in UK.
Special ED counsel H S Venegaonkar informed particular PMLA court docket Judge Salman Azmi that Income Tax department could also be allowed to continue with the public sale of Modi’s art assortment which have been connected just lately by means of the company however said the proceeds be deposited in court docket.
The court docket accepted his submission. The ED had just lately connected homes belonging to Modi, valued at Rs 147 crore, below the Prevention of Money Laundering Act (PMLA) in its ongoing investigation into the Punjab National Bank (PNB) fraud case which has him as a prime accused. The different accused come with his maternal uncle, Mehul Choksi.
Modi had a set art work of celebrated artists such as V S Gaitonde, M F Husain, Okay Okay Hebbar, Anjolie Ela Menon, Vishwanath Nageshkar, Nandalal Bose and Vivan Sundaram. The assortment boasts a Rs 4 crore Raja Ravi Varma masterpiece titled ‘The maharajah of Travancore and his younger brother welcoming Richard Grenville in 1880’. Whether it paperwork part of the attachment isn't transparent.
Modi flew out of India before the financial institution registered a case towards him with the Central Bureau of Investigation (CBI).
PNB had introduced a criminal fight to get well Rs 7,000 crore from Modi and his corporations, allegedly availed thru “fraudulent letters of enterprise”. In a letter to the financial institution, Modi had denied that the LOUs had been fraudulent.
In a observation ultimate month, the ED had said, “The ED has provisionally connected movable and immovable homes positioned in Mumbai and Surat, having market worth of Rs147.72 crore consisting of 8 cars, plant and machinery, consignments of knickknack, art work and immovable property, owned by means of Nirav Modi and his workforce corporations, particularly Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited.”
Meanwhile, to safe its losses, PNB too had earlier produced an inventory of Modi’s assets valued at Rs three,402 crore before the debt restoration tribunal (DRT) to hunt attachment orders. The financial institution had approached the DRT towards Modi and 15 others, together with his spouse Ami, his brothers Neeshal and Nehal, his 3 children, his father Deepak Modi, and his corporations—Stellar Diamonds, Solar Exports, Diamond R US, Firestar International, Firestar Diamond International and A N M Enterprises.
In his four PNB accounts, Modi jointly holds all of Rs 36 lakh. Two of those accounts have just Rs five,000 and Rs 90,000, respectively, says the PNB software to the DRT.
The assets checklist submitted by means of PNB had incorporated 125 art work, which art collectors can be able to fight over. Besides Varma, it boasts Husain’s Rs 53 lakh ‘Veena participant’ and his different works, a 1963 Hebbar oil on canvas, Om Soorya’s ‘Narcissus was once he seeing his own photographs within the lake’, a Rs 4.6 lakh Surendran Nair lithograph ‘About growing wings’, Amit Ambalal’s ‘Fruits of Fear’, J Sultan Ali’s ‘Parmannu collection’, together with titles such as ‘Shatruta’ and ‘Adharma’, and Jayashree Chakravarty’s ‘Fortune Teller’.
Special ED counsel H S Venegaonkar informed particular PMLA court docket Judge Salman Azmi that Income Tax department could also be allowed to continue with the public sale of Modi’s art assortment which have been connected just lately by means of the company however said the proceeds be deposited in court docket.
The court docket accepted his submission. The ED had just lately connected homes belonging to Modi, valued at Rs 147 crore, below the Prevention of Money Laundering Act (PMLA) in its ongoing investigation into the Punjab National Bank (PNB) fraud case which has him as a prime accused. The different accused come with his maternal uncle, Mehul Choksi.
Modi had a set art work of celebrated artists such as V S Gaitonde, M F Husain, Okay Okay Hebbar, Anjolie Ela Menon, Vishwanath Nageshkar, Nandalal Bose and Vivan Sundaram. The assortment boasts a Rs 4 crore Raja Ravi Varma masterpiece titled ‘The maharajah of Travancore and his younger brother welcoming Richard Grenville in 1880’. Whether it paperwork part of the attachment isn't transparent.
Modi flew out of India before the financial institution registered a case towards him with the Central Bureau of Investigation (CBI).
PNB had introduced a criminal fight to get well Rs 7,000 crore from Modi and his corporations, allegedly availed thru “fraudulent letters of enterprise”. In a letter to the financial institution, Modi had denied that the LOUs had been fraudulent.
In a observation ultimate month, the ED had said, “The ED has provisionally connected movable and immovable homes positioned in Mumbai and Surat, having market worth of Rs147.72 crore consisting of 8 cars, plant and machinery, consignments of knickknack, art work and immovable property, owned by means of Nirav Modi and his workforce corporations, particularly Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited.”
Meanwhile, to safe its losses, PNB too had earlier produced an inventory of Modi’s assets valued at Rs three,402 crore before the debt restoration tribunal (DRT) to hunt attachment orders. The financial institution had approached the DRT towards Modi and 15 others, together with his spouse Ami, his brothers Neeshal and Nehal, his 3 children, his father Deepak Modi, and his corporations—Stellar Diamonds, Solar Exports, Diamond R US, Firestar International, Firestar Diamond International and A N M Enterprises.
In his four PNB accounts, Modi jointly holds all of Rs 36 lakh. Two of those accounts have just Rs five,000 and Rs 90,000, respectively, says the PNB software to the DRT.
The assets checklist submitted by means of PNB had incorporated 125 art work, which art collectors can be able to fight over. Besides Varma, it boasts Husain’s Rs 53 lakh ‘Veena participant’ and his different works, a 1963 Hebbar oil on canvas, Om Soorya’s ‘Narcissus was once he seeing his own photographs within the lake’, a Rs 4.6 lakh Surendran Nair lithograph ‘About growing wings’, Amit Ambalal’s ‘Fruits of Fear’, J Sultan Ali’s ‘Parmannu collection’, together with titles such as ‘Shatruta’ and ‘Adharma’, and Jayashree Chakravarty’s ‘Fortune Teller’.
Mum court allows auction of NiMo art collection
![Mum court allows auction of NiMo art collection]()
Reviewed by Kailash
on
March 20, 2019
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