Nirav Modi’s Firestar Diamond International jewellery to be auctioned.
According to a notice of sale, Nirav Modi’s gold, platinum, diamond, and jewellery belonging to Firestar Diamond International will be auctioned off on March 25. Santanu T Ray, who was appointed liquidator of Firestar Diamond International Private Limited by the Bombay bench of the National Company Law Tribunal (NCLT) in February 2020, has issued the sale notice.
Ray manages the company’s business affairs.
According to the notification, gold, platinum, and diamond jewellery will be sold by online auction on March 25.
The reserve price for the auctioned objects will be announced on the day of the auction.
The e-auction document indicates that the inventory consists of finished jewellery, loose diamonds and coloured stones, semi-finished jewellery, gold, platinum, and silver.
Gemmological Institute of India has been hired by the liquidator to estimate the worth of the precious objects.
According to the e-auction document, Nirav Deepak Modi and Haresh Vrajlal Shah were the only directors/signatories of the corporate debtor as of the day liquidation commenced, per MCA data.
The Enforcement Directorate has seized Nirav Modi’s offices, factories, and all other key and substantial assets of the corporate debtor after he fled the country in early 2018.
Nirav Modi and his uncle Mehul Choksi perpetrated one of the largest bank frauds in the country by using bogus Letters of Undertaking (LoUs) to syphon approximately 14,000 crore from state-owned Punjab National Bank in collusion with some bank personnel.
Nirav Modi fled India in 2018 to dodge the authorities, just days before he and his associates were charged.
Nirav Modi’s appeal against extradition to India was denied last November by the High Court in London, which concluded that his danger of suicide is not so great that it would be unjust or harsh to extradite him to India to face charges of fraud and money laundering.