uk - based art auctioneer scheme is to auction £ ##500 m ( $ 5.2 m ) of artwork belonging to fugitive billionaire Nirav Modi on behalf of the Indian government 's art Recovery Officer . Modi absconded from auction last year after the 47-year - old was accused of committing fraud against the government - owned 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 .
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 last year 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.