Fugitive Nirav Modi’s Firestar Diamond International will organise its e-auction on March 25
Gold, platinum, and diamond jewelry owned by Nirav Modi will go for auction, according to a sale notice by the Firestar Diamond International liquidator Santanu T Ray
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As per the e-auction document, loose diamonds, coloured stones, semi-finished jewelry, gold, platinum, silver will go under the hammer
The reserve price of all that is going for sale will be declared on the auction portal on March 25
Here’s the incremental value of all that will go under the hammer at the Firestar Diamond e-auction
- Entire inventory (finished jewelry, loose diamonds, color stones, semi-finished jewelry, gold, platinum, silver): Rs 1 lakh
- Diamond studded gold, platinum, jewelry, color stones: Rs 50,000
- Natural loose diamonds/color stones: Rs 50,000
Source: Firestar Diamond International sale notice
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- Gold, platinum, silver: Rs 50,000
- Two sets of finished jewelry, necklace, earrings: Rs 10,000
Source: Firestar Diamond International sale notice
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Here is the initial earnest money deposit (EMD) or pre-bid amount to be paid by participating buyers
-Entire inventory (finished jewelry, loose diamonds, color stones, semi-finished jewelry, gold, platinum, silver): Rs 2,80,00,000
Source: Firestar Diamond International sale notice
- Natural loose diamonds/color stones: Rs 16,00,000
- Gold, platinum, silver: Rs 35,00,000
- Gold, platinum, silver: Rs 80,00,000
- Gold, platinum, silver: Rs 1,00,00,000
- Two sets of finished jewelry, necklace, earrings: Rs 8,00,000
Source: Firestar Diamond International sale notice
Nirav Modi and his uncle Mehul Choksi created fraud letters of undertaking (LoUs) to siphon off Rs 14,000 cr from Punjab National Bank. Modi fled India in early 2018 days before a case was registered against him and his associates
In 2018, the Enforcement Directorate (ED) attached offices/factories and other major assets of Nirav Modi
The fugitive diamantaire lost his appeal against extradition to India in November 2022. The High Court in London ruled that his risk of suicide is not such that it would either be unjust or oppressive to extradite him to face fraud, money laundering charges