A firm linked to fugitive businessman Nirav Modi has moved the Bombay High Court against the auction of valuable paintings seized by investigative agencies in connection with the Punjab National Bank (PNB) fraud case.
Camelot Enterprises, allegedly associated with Nirav Modi, challenged the sale of 68 paintings that were ordered to be auctioned by authorities to recover dues linked to tax evasion and money laundering investigations.
The paintings, including works by prominent Indian artists, were seized during raids conducted by the Income Tax Department and the Enforcement Directorate (ED).
According to court filings, the firm argued that the proposed auction was “unlawful” and questioned the ownership and attachment process related to the artworks.
The Bombay High Court sought responses from authorities, including the Income Tax Department, while hearings in the matter continued amid ongoing efforts to liquidate Nirav Modi’s assets.
The artworks formed part of a larger collection of modern and contemporary Indian art linked to the fugitive diamantaire. Reports at the time estimated the value of the paintings at over Rs 50 crore.
Authorities had earlier secured court permission to auction several luxury assets belonging to Nirav Modi, including expensive cars, watches and paintings, as part of attempts to recover losses connected to the massive PNB scam.
In one of the auctions conducted through professional art houses, several paintings by legendary Indian artists such as Raja Ravi Varma, M F Husain and others attracted high bids.
The legal disputes over the paintings later expanded, with members of Nirav Modi’s family — including his son Rohin Modi — also approaching courts claiming that some artworks belonged to trusts rather than to Nirav Modi personally.
The Enforcement Directorate and Income Tax Department have maintained that the attached assets represent proceeds linked to alleged financial crimes and are therefore subject to auction under provisions of the Prevention of Money Laundering Act (PMLA) and tax laws.
Nirav Modi, one of the prime accused in the multi-billion-dollar PNB fraud case, was arrested in London in 2019 and continues to face extradition proceedings sought by Indian authorities.
The sale of seized artworks remains one of the most high-profile asset recovery exercises carried out by Indian agencies in a financial fraud investigation.
