I-T gets ED nod, to sell fugitive’s 11 luxury cars & 68 paintings
TNN | Mar 21, 2019, 04:07 IST
NEW DELHI: With the Enforcement Directorate submitting a no-objection certificate, the assets of Nirav Modi, the Punjab National Bank (PNB) scam accused who was arrested in London on Wednesday, will be disposed of by income -tax department soon, beginning with the sale of 68 of the 171 paintings and 11 luxury vehicles seized by the agency earlier.
The proceeds from the sale of assets of Modi will be deposited in a fixed deposit account to be opened in the State Bank of India with a copy of the receipt to be submitted before a special PMLA (Prevention of Money Laundering Act) court.
The permission for the sale of paintings came on Wednesday after the income tax department approached the special court with an NoC from the ED seeking to use the proceeds from the sale to recover its tax dues of Rs 96 crore from Modi.
The court allowed auction of 68 paintings and 11 vehicles belonging to Nirav Modi, including Rolls Royce, Porsche, Mercedes and Toyota Fortuner. The court has also issued a non-bailable warrant against Ami Modi, wife of Nirav Modi, which could help the agency file for her extradition.
In 12 provisional attachment orders issued so far against Nirav Modi, who fled the country soon after ED registered a PMLA case against him and others on February 14 last year, the agency has attached assets worth over Rs 1,873 crore, including Rs 962 crore worth of attachments made overseas in Hong Kong, Switzerland, UK, USA, Singapore and UAE. The assets in UK were not attached since the UK authorities failed to execute ED’s request for assistance of provisional attachment under Mutual Legal Assistance Treaty.
The proceeds from the sale of assets of Modi will be deposited in a fixed deposit account to be opened in the State Bank of India with a copy of the receipt to be submitted before a special PMLA (Prevention of Money Laundering Act) court.
The permission for the sale of paintings came on Wednesday after the income tax department approached the special court with an NoC from the ED seeking to use the proceeds from the sale to recover its tax dues of Rs 96 crore from Modi.
The court allowed auction of 68 paintings and 11 vehicles belonging to Nirav Modi, including Rolls Royce, Porsche, Mercedes and Toyota Fortuner. The court has also issued a non-bailable warrant against Ami Modi, wife of Nirav Modi, which could help the agency file for her extradition.
In 12 provisional attachment orders issued so far against Nirav Modi, who fled the country soon after ED registered a PMLA case against him and others on February 14 last year, the agency has attached assets worth over Rs 1,873 crore, including Rs 962 crore worth of attachments made overseas in Hong Kong, Switzerland, UK, USA, Singapore and UAE. The assets in UK were not attached since the UK authorities failed to execute ED’s request for assistance of provisional attachment under Mutual Legal Assistance Treaty.
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