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<ul><li><keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>’s collection of most expensive paintings and rare watches was sold for over $7 million. </li><li>Ever since Modi escaped the country in 2018 a few days after the $2 billion Punjab National Bank scam broke, the Enforcement Directorate has been trying to recover money. </li><li>To get the right value, <keyword id="12163" type="COMPANY" weightage="20" keywordseo="Ed">ED</keyword> approached Saffronart — one of the leading auction houses in the world — to sell at least 40 pieces. </li></ul>Diamond trader and fugitive Nirav Modi might have fled without paying up his dues, but the extensive art collection he left behind -- did a part of the job. Ever since Modi escaped the country in 2018 a few days after the $2 billion Punjab National Bank scam broke, the Enforcement Directorate has been trying to recover money <a href="https://www.scmp.com/business/companies/article/3050485/nirav-modi-punjab-national-bank-scandal-rolls-royce-and-rise">attaching assets his worth $1 billion.</a> To get the right value, ED approached Saffronart — one of the leading auction houses in the world — to sell at least 40 pieces. It includes a painting by M F Hussain, a luxurious 2010 Rolls Royce Car, designer handbags and luxury watches. Last year, Saffronart auctioned a cache of Indian and Chinese artwork to raise $8 million for the Income Tax department. Here’s a look at some of the rare assets that went under hammer for $7 million: 
	
	
	
	
	<div type="Slideshow" msid="74505046" hostid="261" title="Here’s a look at Nirav Modi’s paintings, rare watches and Rolls Royce that helped recover some of his dues" firstImageMsid="74505167" slideCount="7"></div>

Here’s a look at Nirav Modi’s paintings, rare watches and Rolls Royce that helped recover some of his dues

New York, Nehal Modi, the brother of fugitive jewellery merchant <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, has been charged by a New York prosecutor in an alleged $2.6 million fraud carried out through a multilayered scheme to cheat one of the world's <keyword id="10464786" type="UNKNOWN" weightage="20" keywordseo="biggest-diamond-companies">biggest diamond companies</keyword>. Announcing the charges against Nehal Modi on Friday, the prosecutor, Cy Vance, said, "While diamonds maybe forever, this flawed scheme was not, and now Mr Modi will face the clarity of a <keyword id="297950" type="COMPANY" weightage="20" keywordseo="New-York-Supreme-Court">New York Supreme Court</keyword> indictment." Modi was charged in the state supreme court with "grand larceny in the first degree" for allegedly "fraudulently obtaining over $2.6 million worth of diamonds from a diamond wholesale company located in Manhattan," said Vance, who is the prosecutor for the city's Manhattan district. The crime of grand larceny in the first degree under <keyword id="357933" type="LOCATION" weightage="20" keywordseo="New-York-State">New York State</keyword> laws is theft involving more than $1 million and it carries a maximum penalty of 25 years in prison. According to the New York Post, Modi told the court he was not guilty of the charge and was released without bail. In a short video on the Post site, Modi is seen walking with a man who may be his lawyer in what appears to be the corridor of a court building. Asked about the case, he replied, "There's nothing about the case." Asked about the Interpol notice, the man accompanying him, said, "We are not discussing anything about the case, I told you that." Nehal Modi is wanted in India in connection with an alleged ₹13,500 crore (about $1.9 billion) fraud involving the Punjab National Bank, and at the request of India the Interpol has issued a Red Notice, which is a request to law enforcement worldwide to arrest him pending extradition. Under the judicial procedure in New York, the prosecutors first presented the case to a grand jury -- a panel of citizens -- to determine if there was a prima facie case to proceed with prosecution. The grand jury indicted him -- a finding that there were enough grounds to charge him. The alleged crime goes back to 2015 when Nehal Modi asked a company identified as <keyword id="10466697" type="COMPANY" weightage="20" keywordseo="lld-diamonds-usa">LLD Diamonds USA</keyword> to obtain over $2.6 million worth of diamonds with "false representations", some of which he pawned for loans and sold the rest as steeply discounted prices, the prosecution said in a statement. LLD Diamonds says on its website that it "is the world's largest privately held diamond manufacturer and cutting group -- entirely independent of external suppliers, having its own widespread sources of rough goods through ownerships in mines around the world." The prosecution said that in March 2015 Modi first asked the company to give him diamonds worth about $8,00,000 claiming they were to be shown for potential sale to a company identified as Costco Wholesale Corporation, a chain that gives price discounts to its customers who join as members. Modi then claimed that Costco agreed to buy the diamonds and LLD gave it to him on credit to be paid within 90 days, the prosecution said. But he pawned the diamonds to another company for a short-term loan and came back to LLD to get more diamonds, this time worth $1 million, claiming that Costco had agreed to buy them, according to the prosecution. He made some payments to LLD but used the major portion of the proceeds to for business and personal expenses and in order "to cover his fraud, Modi falsely claimed that he was he was having payment problems because of a "Costco fulfilment error," prosecutors said. In August, Modi returned to LLD "with the false claim" that Costco wanted to buy more diamonds and after picking them up, he pawned some of them and sold the rest to retailers at a "steep discount", according to the prosecution. By the time when LLD discovered the fraud and demanded payment or return of the diamonds, Modi had already pawned or sold off all the gems and spent most of the money, prosecutors said. LLD then filed a complaint with the Manhattan prosecutor's office. Vance asked others who may be "the victim of this type of theft" to call the financial fraud hotline of his office. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-say-if-you-should-subscribe-or-not-to-the-300-crore-ipo-of-antony-waste-handling-cell/articleshow/79790998.cms">Antony Waste Handling Cell ₹300-crore IPO opens today — these are the risks and opportunities</a> <a href="https://www.businessinsider.in/business/startups/news/the-founder-of-sugar-cosmetics-explains-how-the-startup-clocked-a-60-growth-in-sales-during-the-pandemic/articleshow/79832966.cms">The founder of SUGAR cosmetics explains how the startup clocked a 60% growth in sales during the pandemic</a> <a href="https://www.businessinsider.in/business/startups/news/pine-labs-valuation-crosses-2-billion-as-it-raises-fresh-funds-from-lone-pine-capital/articleshow/79833738.cms">Pine Labs' valuation crosses $2 billion as it raises fresh funds from Lone Pine Capital</a>

How Nirav Modi's brother Nehal Modi ran another diamond racket in New York

<ul><li>They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). </li><li>Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin. </li><li><keyword id="6243034" type="PERSON" weightage="20" keywordseo="ami-modi">Ami Modi</keyword> is stated to have left country soon after the alleged bank fraud case came into light in 2018. </li></ul>An Interpol global arrest warrant has been issued against Ami Modi, wife of <keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, prime accused in the over USD 2 billion <keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword> bank fraud case, on charges of money laundering, officials said on Tuesday. They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED). Once such a notice issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin. Ami Modi is stated to have left country soon after the alleged bank fraud case came into light in 2018. The ED has charged Ami Modi for conspiring and money laundering with her husband and jeweller Nirav Modi apart from his uncle Mehul Choksi and others under the Prevention of Money Laundering Act (PMLA). Nirav Modi (49), is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India. He has been declared a fugitive economic offender by a Mumbai court early this year and the court had also ordered confiscation of his assets. The ED has already confiscated about Rs 329 crore of his linked properties. The businessman, Choksi and others are being probed by the ED on money laundering charges in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai. Similar Interpol notices have been earlier been issued against Nirav Modi's younger brother Nehal Modi and sister Purvi Modi.

Interpol issues red notice against Ami Modi, the wife of fugitive Nirav Modi, over $2 billion PNB fraud case

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Here’s a look at Nirav Modi’s paintings, rare watches and Rolls Royce that helped recover some of his dues

Preeti Soni

How Nirav Modi's brother Nehal Modi ran another diamond racket in New York

IANS

Interpol issues red notice against Ami Modi, the wife of fugitive Nirav Modi, over $2 billion PNB fraud case

PTI

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