PMLA Court Clears ED to Auction Two Nirav Modi Cars, Bars Sale of Third

Overview

• Special Judge AV Gujarathi authorised sale of a Mercedes-Benz GLE 250 and a re-auction of a Skoda Superb Elegance, while refusing permission to sell a Mercedes-Benz 4Matic FL 350 CDI.
• The order requires the ED to follow prescribed auction procedures and to place the proceeds in a fixed deposit with a nationalised bank, submitting the deposit certificate after completion.
• The court noted the cars have been lying unused since attachment, warning that their value is falling and that maintenance costs could soon exceed what they are worth.
• The application was moved under the Fugitive Economic Offenders Act in a case registered under the Prevention of Money Laundering Act tied to the alleged Rs 13,850-crore Punjab National Bank fraud.
• The judge observed there is no immediate prospect of trial because several accused remain absconding, with Nirav Modi still fighting extradition in the United Kingdom.