Ex-HK based, fraud-accused jeweler Nirav Modi's prized assets to be sold

Treasures from the collection of Indian businessman Nirav Modi, 48, who operated jewelry boutiques in Hong Kong and elsewhere are being auctioned at two sales events this week in Mumbai, India.

India has sought Modi's extradition from London. He has been denied bail and the extradition trial is scheduled for five days starting May 11.

Modi who once entertained Zhang Ziyi at the opening of his 1818 Heritage boutique in Tsim Sha Tsui, has been accused of being behind India’s biggest banking scam. He denies the charges.

The items that will go under the hammer in India on Friday, February 27 and March 3, include luxury cars and collectibles, expensive watches and an art collection.

India's Enforcement Directorate has appointed professional auction house Saffronart to auction 112 lots of seized assets to recover an estimated US$7 million.

A Rolls Royce car and a Porsche Panamera S will be auctioned. His artwork collection including works by MF Husain and Raja Ravi Varma.

The Spring Live Auction will feature 40 lots including a 1935 masterpiece by Amrita Shergil, titled Boys with Lemons that is estimated to be Rs 12-18 crore. An oil on canvas from 1972 by MF Husain titled Battle of Ganga and Jamuna: Mahabharata 12, estimated to be Rs 12-18 crore will also be part of the collection. A 1972 painting by VS Gaitonde estimated at Rs 7-9 crore, a red depiction of Krishna by Manjit Bawa estimated at Rs 3-5 crore, and a portrait by Raja Ravi Varma pegged at Rs 2-3 crore will also feature at the auction.

Several timepieces including a rare Jaeger-LeCoultre Men's 'Reverso Gyrotourbillon 2' limited edition watch, and a Patek Phillipe Nautilus gold and diamond wristwatch, will also be sold.

Modi, is accused of defrauding the Punjab National Bank of US$2 billion.