The Enforcement Directorate (ED) moved a fresh plea before the special Prevention of Money Laundering Act (PMLA) court on Thursday to sell paintings, watches, cars and other articles seized from absconding diamantaire Nirav Modi earlier this year.
The agency claimed that it made provisional attachment of these properties on February 25 and it was confirmed by the adjudicating authority, PMLA, on July 15.
The paintings, eight cars and other valuables that include watches, bags and purses, were seized from Mr. Modi’s house at Samudra Mahal in south Mumbai. The application also seeks permission to sell paintings seized by the Income Tax (IT) department.
The agency said the paintings were of the value of ₹ 57.72 crore. The paintings and the articles mentioned were perishable and prone to speedy natural decay. Besides, the expense on their maintenance would exceed its value if they were kept idle for a long period, the ED said.
It claimed that 55 of the 173 paintings seized by the IT had already been auctioned.
The court, accepting the plea, has issued notice to Mr Modi and scheduled a hearing on September 5.
On March 27, this year, the Bombay High Court had refused to stay the auction of 68 paintings belonging to Mr Modi. It was hearing a petition filed by Mr Modi’s firm Camelot Enterprises challenging the auction proceedings initiated by the Tax Recovery Officer for recovering dues arising out of the assessment orders passed as per the IT Act.
