Government-owned
Metal Scrap Trading Corporation (MSTC) on Tuesday reauctioned seven confiscated luxury cars belonging to fugitive diamond trader
Nirav Modi. Five cars found buyers, and the sale collectively raised Rs 2.9 crore.
MSTC had earlier auctioned 13 cars belonging to Modi and his uncle Mehul Choksi on April 25 through its website. While 12 cars found buyers at that auction, four of these vehicles, including a Mercedes SUV, were again put up for bids on Tuesday after the buyers failed to deposit the balance payment within the stipulated deadline.
The
Enforcement Directorate (ED), which had confiscated the vehicles, believed that bids received for a Rolls Royce Ghost and a
Porsche Panamera at the previous auction were below its expectations and the cars again went under the hammer, this time with a higher base price.
“We were expecting higher bids in some cases. A few of the parties didn’t … make the payment within the deadline,” Archana Salaye, assistant director of the ED, told ET over the phone.