PNB Scam Case: Nirav Modi's Rare Oil Paintings Auctioned By Indian Authorities Fetches Rs 54 Crore

Mumbai, March 26: Rare oil paintings of fugitive billionaire jeweller Nirav Modi were auctioned in Mumbai on Tuesday. The auction fetched Rs 54.84 crore. The amount will be handed to the Income-Tax department. Fifty-five out of a total of 68 paintings of Modi were sold today. According to reports, two paintings of fugitive diamantaire's collection - Untitled oil on canvas by VS Gaitonde sold for Rs 22 crore, while, oil on canvas depicting Maharaja of Tranvancore and his younger brother welcoming Richard Temple-Grenville, 3rd Duke of Buckingham was sold for Rs 14 crore.

Earlier this month, Modi, prime accused in the Rs 13,500 crore PNB fraud case, was arrested in the United Kingdom. As per reports, Modi was arrested from the Holborn Metro Station on March 19. He was produced before the Westminster court the next day. The case has been posted to the Chief Magistrate, and the next hearing in his case will be held on March 29.

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The fugitive diamantaire’s arrest came days after a UK court issued an arrest warrant against Modi. The Westminster Court issued the arrest warrant on March 13, while, a non-bailable warrant has also been issued against the fugitive businessman's wife Ami Modi. Nirav Modi Planned Plastic Surgery to Evade Arrest: Reports.

Modi fled India after allegedly syphoning off about Rs 13,000 crore from Punjab National Bank (PNB) using Letters of Undertaking (LoU) in collusion with his uncle Mehul Choski. The CBI registered an FIR against him on January 31 on the basis of the complaint against him and Choksi from the bank. It was followed by another FIR by the agency against him.

(The above story first appeared on LatestLY on Mar 26, 2019 11:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).