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Income Tax Department collects ₹55 crore by selling Nirav Modi-owned paintings

Fugitive businessman Nirav Modi boasted a collection of paintings by artists such as Raja Ravi Verma, V.S.Gaitonde, S.N.Suja, Jagan Chaudhary, and Akbar Padamsee

Income Tax Department collects ₹55 crore by selling Nirav Modi-owned paintings
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Economic offender and absconding businessman Nirav Modi has been wanted for his alleged involvement in the Punjab National Bank (PNB) fraud case. The fugitive is currently seeking refuge in the United Kingdom (UK). On March 27, the Income Tax (IT) Department held an auction for the 68 paintings owned by the multi-billionaire. Out of the 68 paintings, 55 were sold by the Income Tax Department.

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The IT department has an amount of ₹95 crore outstanding from the businessman and to recover the money, the paintings were auctioned.

Under which, they earned ₹54.84 crore and had been assisted by the Saffron Art company. Modi boasted of a collection of paintings by artists such as Raja Ravi Verma, V.S.Gaitonde, S.N.Suja, Jagan Chaudhary, and Akbar Padamsee.

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