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Fugitive Indian jeweller's luxury collection raises $7.65 mn

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Authorities put the high-end items up for sale to recover back taxes owed by fugitive billionaire jeweller Nirav Modi, who is accused of involvement in a massive bank fraud that rocked India's corporate community.

A Rolls-Royce Ghost, Hermes handbags and rare paintings were among the luxury items seized from fugitive billionaire jeweller Nirav Modi that raised $7.65 million for India's tax authorities at an auction Thursday.

The fugitive merchant fled India in February 2018 and has been fighting in a London court to stop his extradition from Britain. The Rolls-Royce fetched $240,000, while a 1935 masterpiece by Amrita Sher-Gil sold for $2.24 million. Forbes estimated Modi's wealth at $1.73 billion before the alleged fraud, placing him 85th on India's rich list.

 

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