Of the 13 cars belonging to Nirav Modi and Mehul Choksi, all but one found takers at the auction held in Mumbai on Thursday. The sale fetched the Enforcement Directorate, entrusted with selling the cars to recover part of the Rs 14,000 crore owed by the diamantaire and his uncle to Punjab National Bank, Rs 3.29 crore. A profit over the total reserve price of Rs 3.01 crore.
The online auction was conducted by state-run Metal Scrap Trade Corporation (MSTC), and comes a month after 68 artworks belonging to a shell company owned by Modi went under the hammer. Of the 13, two cars — a BMW and a Toyota Innova – belonged to Choksi. One car, a Skoda Superb, belonged to Nirav's brother, Neeshal.
The most expensive car on the list — a pewter Rolls Royce Ghost that, rumour has it, ferried his three lap dogs — fetched Rs 1, 33,10,000. That's Rs 10,000 more than the base price of Rs 1.33 crore. Registered under Firestone International Pvt Ltd, the luxury car originally cost Rs 5 crore.
Other wheels that went under the hammer included Porsche, BMW and others. The only car to not find any takers was the Toyota Corolla registered in Nirav's name and listed at a reserve price was Rs 3.5 lakh. "It will be put up for auction again, and the price may be reduced," said an ED officer.
The Mercedes Benz, registered under Camelot Enterprise Pvt Ltd, fetched the highest amount against its base price: Rs 53.76 lakh, when it was listed for Rs 37.80 lakh.
The auction was slotted between 12 noon to 4 pm, but extended to 5.30 pm due to a continuous response from bidders. Presumably, the names of the new owners will be disclosed once the formalities are complete. The cars were parked at Grosvenor House (Peddar Rd) Spring tower (Dadar East) and Samudra Mahal on Dr Annie Besant Road (Worli), and were open for inspection before the auction.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Nirav Modi")
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}