The Enforcement Directorate (ED) has started the legal process for auctioning the properties of fugitive diamantaire Nirav Modi. Under this, the process of auctioning three flats worth 110 crores in his Worli-based Samudra Mahal, a flat in Breach Candy, Nirav Modi’s Alibaug bungalow, a wind mill and a solar power project has been started.

Let us inform here that Nirav Modi had cheated PNB by submitting inflated import bills, requesting release of payment to exporters in Dubai and Hong Kong through Letter of Undertaking. But all these companies were fake companies operated under the leadership of Nirav Modi. The matter was revealed in 2018, after which he fled the country.

Enforcement Directorate is auctioning Nirav Modi’s properties for recovery. In early June also, the ED had auctioned many things related to Nirav Modi. These included two luxury watches worth Rs 90 lakh. However, another watch was also worth Rs 20 lakh. According to the report, around Rs 130 crore has been recovered by the ED from the auction of paintings, watches and vehicles.