Nirav Modi, Mehul Choksi car auction: Bids worth Rs 3.29 crore received for 13 luxury cars

The collective starting price of all the cars was a little over Rs 3 crore, including Rs 1.33 crore for the Rolls Royce Ghost.

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New Delhi: Auction of 13 cars belonging to fugitive diamond trader Nirav Modi and his uncle Mehul Choksi attracted collective bids of Rs 3.29 crore. The auction was conducted by state-owned Metal Scrap Trading Corporation (MSTC) through its website on Thursday on behalf of the Enforcement Directorate (ED), the Economic Times reported.

ED had confiscated 11 cars belonging to Nirav Modi and two cars owned by Choksi after they fled the country allegedly defrauding state-owned lender Punjab National Bank to the tune of Rs 14,000 crore.

Out of the 13 cars, 12 including one Rolls Royce and one Porsche, found buyers. But a Toyota car belonging to Modi failed to attract any bidders. The highest bid received for the Rolls Royce (Ghost) and the Porsche AG Germany Panameras were Rs 1.33 crore and Rs 54.60 lakh respectively, which was exactly equal to their base value. But the Mercedes Benz 4 Matic GL 350 CDI received an H1 of Rs 53.76 lakh as against its base value of Rs 37.80 lakh. An Innova Crysta 2.8 Z belonging to Choksi received highest bid of Rs 18.06 lakh as against its base price of Rs 10.50 lakh.

The collective starting price of all the cars was a little over Rs 3 crore, ranging from Rs 1.33 crore for the Rolls Royce Ghost to Rs 2.38 lakh for a Honda Brio.

According to the terms of bidding mentioned on the MSTC website, bidders had to deposit an earnest money deposit (EMD) equal to 5% of the listed starting price of the vehicles that they bid for.

Archana Salaye, assistant director of ED told ET name of the highest bidders will be made public after due diligence of the bidders. This process could take two-three days. The acceptance letter, that will confirm the sale from the directorate’s end, will be issued next week, she said.

The highest bidders have to pay the remaining amount within 15 days, failing which their EMD will be forfeited.