INSUBCONTINENT EXCLUSIVE:
Image copyrightEPAImage caption
Mr Modi's art collection features rare pieces by India's most celebrated artists,
including Raja Ravi Varma and Vasudeo S Gaitonde
An art collection owned by Indian billionaire and fraud suspect Nirav Modi
has fetched $8m (£6m) at auction.Sixty-eight pieces of art were sold in Mumbai to raise money that Mr Modi, 48, allegedly owes Indian tax
The diamond trader is wanted for his alleged role in India's largest bank fraud, totalling some $2bn (£1.5bn).Mr Modi, whose jewellery has
been worn by celebrities such as of actress Priyanka Chopra-Jonas, was arrested in the UK last week.He is being detained in the UK and could
face extradition.Indian authorities had hoped to recover $7.3m through the art sale but many of the pieces sold above their estimate
Auctioneers said the sale was the first of its kind, as Indian tax authorities usually auction property, gold and luxury items rather than
An oil-canvas painting by Vasudeo S Gaitonde, one of India's most prominent abstract painters, sold for $3.7m
Image copyrightAFPImage caption
Raja Ravi Varma's painting from 1880 was auctioned at $2.3m (£1.7m)
Punjab National Bank (PNB), India's second-largest state-run bank, says Mr Modi is one of the main suspects in a $2bn fraudulent
scheme.Since Mr Modi fled India in early 2018, authorities have seized assets, including lavish properties and some 170 pieces of art
Mr Modi has denied wrongdoing
Police in London said he was arrested last Tuesday on the request of Indian authorities, who have asked for his extradition.He has been
remanded in custody until 29 March.Mr Modi's case was thrust back into the limelight after The Telegraph newspaper found him living in a
$10.5m London flat earlier this month.Within days, officials confirmed that UK Home Secretary Sajid Javid had certified India's extradition
request, initially made last August.Image copyrightGetty ImagesImage caption
Nirav Modi's diamonds were worn by
celebrities like Rosie Huntington-Whiteley
Mr Modi is one of India's richest men, worth an estimated $1.75bn, according to
He was born into a diamond trading dynasty, but only launched his own eponymous brand back in 2010.The brand grew quickly, and he soon had
shops across India, as well as in New York, London and Hong Kong.His diamond-encrusted designs were worn by stars including Kate Winslet,
Rosie Huntington-Whiteley and Naomi Watts, while the Bollywood star Priyanka Chopra-Jonas appeared in advertisements for the brand.The shops
were raided and his assets frozen after the allegations emerged last year.
