12 of 13 cars of Nirav Modi listed for auction fetched Rs. 3.28 crore in total; Rolls Royce Ghost is the most expensive vehicle sold
Nirav Modi’s twelve cars went under the hammer on Thursday through an online auction held by Metal Scrap Trading Corporation (MSTC). Most of the vehicles on auction carried VIP numbers and the base price was decided after thoroughly determining the vehicle’s age and condition.
All the cars were seized by Enforcement Directorate (ED) after Nirav Modi was formally charged in a fraud case. The twelve vehicles sold through the auction fetched a total amount of Rs 3.28 crore. The auctioning was held online from 12 pm to 4 pm.
The Rolls Royce Ghost, which had the base price of Rs 1.33 crore became the most expensive vehicle sold through the bid. However, a 2011 Toyota Corolla 1.8G remained unsold in the auction. The car came with a base price of Rs 3.5 lakh.
The Rolls Royce Ghost with a premium registration number – MH-01-AS-8 was sold for Rs 1.33 crore, which is the same as the base price of the vehicle. It did a total of 24,439 km. A 2010 Porsche Panamera with 30,326 km on the odometer was sold for Rs 54 lakh. Mercedes Benz GL350 got the winning bid of Rs 53.76 lakh, Rs 16 lakh higher than the base price.
The auction also saw the vehicles like Mercedes-Benz CLS350, Toyota Innova Crysta 2.5 (got the highest bid of Rs. 18 Lakh), Honda CR-V, BMW X1, two Honda Brio hatchbacks among others. However, the bids on the vehicles will be re-evaluated by ED before the cars are handed over to the bid winners.
The winners of the vehicles will need to submit the remainder of the money within 15 days of the issuance of the acceptance letter by ED. Failing to do so will forfeit the bids. This is not the first time the ED auctioned the vehicles. In the past, a similar set-up was done for the cars of Vijay Mallya too. Nirav Modi is currently in a jail in London, and his bail has been denied twice by the court in the UK.