Nirv Modi's car will be auctioned in Mumbai, including valuables, including paintings

New delhi date. January 21, 2020, Tuesday

Thousands of crores of rupees have been seized by fugitive Nirav Modi.

There are reports that the auction will be conducted by Mumbai-based Saffronart on the property of scammer Nirav Modi. About two auctions are expected.

The auction house has been organized on behalf of the Enforcement Directorate, Central Government. The first auction will be held in Mumbai on February 27 and the second auction will be held on March 3-4.

This is the first time the ED has asked a private auction house to auction this seized property. Earlier in March last year, the auction house also auctioned Modi's painting for the IT department and raised Rs 54.84 crore. It will now be auctioned offline this time.

Both auctions will include up to 15 works by some of the country's most celebrated artists. Also, luxury watches, handbags and cars will be included in the auction.

The paintings and other designs that will be auctioned include a masterpiece created by Amrita Shergill in 1935 that has never been auctioned.

In addition to the renowned painter M.F. An oil on canvas from Hussein's Mahabharat series will also be auctioned. Both are priced between Rs 12 crore and Rs 18 crore.

Other items that will be auctioned include price carts. Two cars of Nirav Modi, including a Porsche Panamera and Rolls Royce. In addition some handbags are also included.

These are handbags that can take two to three years to arrive after ordering. The auction also includes a blue painting by VS Gyatonde, made in 1972, valued at seven to nine million.