New Delhi: Diamond, gold and platinum jewellery of Firestar Diamond International, owned by fugitive diamond merchant Nirav Modi, will be sold through e-auction on March 25.

The sale notice has been issued by Shantanu T. Ray, who was appointed liquidator of Firestar Diamond International Pvt Ltd by the Mumbai bench of the National Company Law Tribunal (NCLT) in February 2020. The affairs related to this company are being managed by Shantanu.

According to the notice, gold, platinum and diamond jewellery will be sold through e-auction on March 25. The reserve price of the items to be auctioned will be announced on the date of auction.

The list of items to be auctioned includes readymade jewellery, loose diamond and colour stone, incomplete jewellery, gold, platinum and silver. Liquidator Shantanu Ray has appointed the Gemological Institute of India to determine the value of precious commodities.

Nirav Modi has been on the run since early 2018 and the offices/factories of the corporate debtor and all other major and substantial assets were attached by the ED.

Nirav Modi and his uncle Mehul Choksi carried out one of the biggest bank frauds in the country and weaved a complex web of fraud through fake Letters of Undertaking (LoUs) to withdraw Rs 14,000 crore in connivance with some bank officials of the state-owned Punjab National Bank.

Nirav Modi fled India to evade the law in 2018, days before a case was registered against him and his associates.

Leave a Reply