The Indian tax authorities are to sell millions of dollars of art works this month that belonged to Nirav Modi, India’s most wanted man, The Telegraph can reveal. Sixty-eight of his Indian paintings with an estimated value of $5 million (£3.84 million) are to be sold by leading Indian art auctioneers Saffronart, in Mumbai on March 26 on behalf of the Tax Recovery Officer of the Government of India. Saffronart is not allowed to discuss details of who the works were seized from, but they are familiar to Indian art market insiders. A diamond jeweller whose designs have been worn by Hollywood stars, Modi’s wealth was estimated by Forbes at around $1.3 billion in 2017, placing him at number 85 on the magazine’s Indian billionaires list. But Modi, now 47, fled India last year after being accused of defrauding the state run Punjab National Bank to the tune, at the latest count, of $2 billion.
Mumbai-based art auctioneer Saffronart is to sell £4m ($5.2m) of artwork belonging to fugitive billionaire Nirav Modi on behalf of the Indian government's Tax Recovery Officer. Modi absconded from India this month after the 47-year-old was accused of committing fraud against the state-run Punjab National Bank of around $2bn. Modi, who has since been spotted in New York, Hong Kong and London has, through lawyers, expressed his innocence.