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Mumbai court lets ED sell movable properties from Worli house of Nirav Modi, but not paintings

Last month, the ED had sought to sell valuables seized from the Worli residence, Samudra Mahal, claiming that they are perishable, prone to decay and were bound to lose their value over a period of time.

By: Express News Service | Mumbai | Updated: September 20, 2019 10:14:55 am
nirav modi property seized, nirav modi worli house property, nirav modi moveable property seize, pnb fraud, punjab national bank fraud, mumbai city news The ED list also included eight cars — valued at Rs 61 lakh — including luxury car Bentley Arnage, seized from Modi’s other properties. (File photo)

A SPECIAL court on Thursday allowed the Enforcement Directorate (ED) to sell movable properties from absconding diamond jeweller Nirav Modi’s Worli residence, except the paintings seized by the Income Tax department.

Last month, the ED had sought to sell valuables seized from the Worli residence, Samudra Mahal, claiming that they are perishable, prone to decay and were bound to lose their value over a period of time. These properties included watches, bags, purses, jewellery, coins and over Rs 40 crore in cash.

The ED list also included eight cars — valued at Rs 61 lakh — including luxury car Bentley Arnage, seized from Modi’s other properties.

These were seized as part of ED attaching properties of Modi and others under Prevention of Money Laundering in the Rs 13,000-crore PNB scam.

The ED told the court that while 55 of 173 paintings seized from Modi had been auctioned, the others are likely to decay if not kept in a climate-controlled condition. It added that if the paintings are not sold within a reasonable time period, they are bound to lose value.

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