Nirav Modi's Luxury Cars Head to Auction Block

A special CBI court in Mumbai has granted the Enforcement Directorate (ED) permission to auction two vehicles seized from fugitive diamantaire Nirav Modi. The decision addresses the depreciation of assets and the costs associated with their upkeep while the trial against Modi and other accused shows no immediate prospect of commencement. The court emphasized that prolonging the storage of the seized cars would only diminish their value and potentially lead to damage.

The vehicles slated for auction include a Mercedes-Benz GLE250 and a Skoda Superb Elegance. The ED had initially sought to auction three vehicles, with a combined value exceeding Rs 1 crore, but the court approved the sale of two. Special Judge AV Gujarathi noted that Modi, having been declared a fugitive economic offender, did not require his response to be sought for the application.

Judge Gujarathi observed that the vehicles had been lying idle since their attachment and that their value would decrease while also being susceptible to damage if kept until the trial's disposal. With most accused absconding, the trial is unlikely to commence soon, and maintenance costs could eventually exceed the vehicles' worth. Consequently, the court deemed it appropriate to grant the application to protect the assets from further depreciation.