Nirav Modi Firm Challenges HC Order to Auction 68 Paintings in PNB Scam Probe
Nirav Modi's firm moves Bombay High Court against special court order permitting Income Tax Department to auction 68 seized paintings.
Mon, 25 March 2019: The firm of Nirav Modi, the main accused in the $2 billion Punjab National Bank scam case, has moved the Bombay High Court against a special court order which permitted the Income Tax Department to auction 68 paintings seized as part of its probe against the diamantaire. The paintings were seized from Modi's Mumbai residence and his company's premises during investigations into the massive fraud involving fraudulent Letters of Undertaking issued by PNB's Brady House branch in Mumbai. The special court had cleared the way for the auction of these artworks, which are reportedly of significant value, as part of the recovery process in the high-profile financial fraud case.
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