New Delhi, Feb 21: Gold, platinum, diamond and jewellery of Firestar Diamond International, owned by fugitive Nirav Modi, will be auctioned on March 25.
Santanu T Ray, who was appointed as a liquidator of Firestar Diamond International Private Limited by the Mumbai bench of the National Company Law Tribunal (NCLT) has issued the sale notice for the same. He has been handling Nirav Modi’s company since 2020.
The sale of gold, platinum and diamond jewellery will take place through e-auction on March 25. The reserve price of the items to be auctioned will be declared on the date of the auction, as per the notice.
According to the e-auction document, the inventory includes finished jewellery, loose diamonds and colour stones, semi-finished jewellery, gold, platinum and silver.
As on the liquidation commencement date, Nirav Deepak Modi and Haresh Vrajlal Shah were the only directors/signatories of the corporate debtor as per the MCA records, as per the e-auction document.
Nirav Modi has been absconding from the country from early 2018 and the offices/factories and all other major and substantial assets of the corporate debtor had been attached by the Enforcement Directorate.
Pulling off one of the biggest bank frauds in the country, Nirav Modi and his uncle Mehul Choksi created a complex web of deception through fraudulent Letters of Undertaking (LoUs) to siphon off ₹ 14,000 crore from state-owned Punjab National Bank in connivance with some bank officials.
Nirav Modi fled India in 2018 to evade the law days before a case was registered against him and his associates.
