Nirav Modi’s 112 assets to go under hammer

MUMBAI, Feb 26:
Rare paintings, exquisite wrist watches and luxury cars belonging to fugitive diamantaire Nirav Modi will be auctioned from Thursday.
The sale of 112 assets is being done by Saffronart on behalf of the Enforcement Directorate through a live auction, which will be followed by an online one for 72 items.
Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is on the run and was last spotted in the UK.
Saffronart, which had conducted an auction of some artworks belonging to Modi in March last year to fetch over Rs 55 crore, said there will be a live auction of 112 items on Thursday, which will be followed by an online auction next week.
A 1935 painting by Amrita Sher-Gil titled “Boys with Lemons” is expected to be the biggest draw at the live auction on Thursday, and could fetch anywhere between Rs 12-18 crore, while a 1972 piece from modernist M F Hussain is also expected to draw a similar price, Saffronart said. (PTI)