Summary:
MUMBAI: A special court on Wednesday allowed the Enforcement Directorate (ED) to auction 11 luxury vehicles and paved way for the Income Tax department to auction high-value art collection of Nirav Modi , the absconding diamantaire who has been arrested in London. The properties belonged to Camelot Enterprises, a company “beneficially owned by Nirav Modi’, the I-T department said. “Paintings are prone to speedy and natural decay and expenditure for their proper maintenance will exceed their value,’’ said the I-T plea. The cars include a Rolls Royce, Porsche , Daimler Chrysler and a Toyota Fortuner.A deputy commissioner of I-T department, Mumbai, T S Khalsa had moved the court to be allowed to auction movable properties, including 173 paintings, it had attached. The ED had claimed that the PMLA provisions would override the IT proceedings..