Nirav Modi assets worth Rs 2,400cr can be sold

MUMBAI: After a special court declared a fugitive businessman Nirav Modi a fugitive criminal, the approach now shifts to the auction of his two properties, Rhythm House in Kala Ghoda and his Worli home.

The special court of the Money Laundering Prevention Law that declared Modi a fugitive criminal will hear the ED's request to confiscate the property worth Rs 2,400 million and put them up for auction. The hearing is January 10. The properties will access the government once they are confiscated. Auction proceeds will be adjusted against the amount defrauded. Modi, 49, his uncle Mehul Choksi and several others are charged in the case of GNP fraud of Rs 13,000 million. The Fugitive Economic Offenders Law was applied in the case, since Modi had left the country on January 1 of last year and showed no inclination to return.

Modi was arrested this March in London and is in judicial custody there. Legal procedures on his extradition are currently ongoing.

I had purchased four flats in Samudra Mahal building in Worli, worth Rs 125 crore. Three of these flats, which I had purchased from an industrialist in 2006, have been converted into duplexes. The fourth flat was purchased from a trust associated with a Madhya Pradesh politician. Modi had bought Rhythm House in 2017 through his company, Firestar Diamond, from its owners, the Curmally family, for Rs 32 million. His plan was to convert heritage property into a showroom of high-end jewelry.

Modi is the second entrepreneur after Vijay Mallya be labeled as a fugitive economic offender under the Fugitive Economic Offenders Act.