New Delhi: A Mumbai court earlier this week allowed the Enforcement Directorate (ED) to auction three high-end cars belonging to fugitive diamantaire Nirav Modi.

The agency had sought auction of the cars, including two Mercedes-Benz and a Skoda, citing depreciation in their value and the absence of an immediate prospect of trial commencing, with a majority of the accused absconding abroad.

The three cars, valued at over Rs 1 crore, were attached as part of proceedings against Modi in the bank fraud case against Punjab National Bank (PNB). Modi, along with his uncle Mehul Choksi and several others, including PNB officials, was accused of hatching a conspiracy to defraud the PNB of Rs 12,600 crore. Show Full Article

Both Modi and Choksi fled India before the Central Bureau of Investigati

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