Pedestrians walk past a Punjab National Bank (PNB) branch in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

PNB Scam: Enforcement Directorate Auctions Nirav Modi, Mehul Choksi’s Luxury Cars For Rs 3.29 Crore 

A dozen luxury cars of Punjab National Bank scam accused businessmen Nirav Modi and Mehul Choksi have been auctioned, fetching the government exchequer Rs 3.29 crore, the Enforcement Directorate said on Friday.

The vehicles were attached by the agency under the Prevention of Money Laundering Act in the past.

The ED had in March obtained the permission of a special PMLA court in Mumbai for auctioning 13 cars of the Modi-Choksi duo as part of its money laundering probe in the $2-billion alleged bank loan fraud.

The e-auction was carried out by Metal Scrap Trade Corporation Ltd., it said in a statement.

"There are 13 vehicles (11 belonging to Nirav Modi group and 2 belonging to Mehul Choksi group) put on e-auction through MSTC platform on April 25. "Out of these 13 vehicles, twelve (10 of Nirav Modi group and 2 of Mehul Choksi group) were successfully auctioned for a total amount of Rs 3,28,94,293," it said.

The Income Tax Department had last month auctioned several art works that were owned by absconding diamond merchant Nirav Modi for Rs 59.37 crore.

The ED and the Central Bureau of Investigation are investigating Nirav Modi, his uncle Choksi and others for alleged money laundering.

While Nirav Modi was arrested in London and India is seeking his extradition, Choksi is said to be in the Caribbean nation of Antigua and a similar legal action against him is on too.