5 things Nirav Modi spent his cash on … before he was jailed: million-dollar art, Hermès bags, a Louis Vuitton trunk and a Porsche Panamera

Sep 8 , 2021

Nirav Modi, founder of the Nirav Modi chain of jewellery stores, is in jail in England, awaiting extradition to India to face charges of fraud while his collection of luxury goods has been auctioned off. Photo: Mint via Getty Images

The fugitive Indian billionaire founded Firestar Diamond, then the Nirav Modi jewellery brand – but now he’s in custody in London as his assets have been auctioned off

Saffronart held two auctions of his bling, including a Jaeger-LeCoultre limited edition watch and paintings by famous Indian artists Amrita Sher-Gil and MF Husain

In 2017, Nirav Modi featured on the Forbes rich list with an estimated net worth of US$1.8 billion. The founder of Firestar Diamond, and later his own Nirav Modi jewellery brand with stores around the world, definitely knew how to live large. From luxury bags to branded trunks, Modi only did “expensive”.

Nirav Modi, founder of a chain of jewellery stores of the same name, pictured in 2016. Photo: Felix Wong

But it all came crashing down in 2018, after he was accused of defrauding state-owned Punjab National Bank for millions. He left India and was later arrested in London, where he is currently still in custody. Indian authorities want to hold him accountable and are fighting for his extradition, while his lawyers are pushing back, saying his mental health is at risk.

Nirav Modi’s jewellery line has been worn by several notable celebrities. Photo: @niravmodijewels/Instagram

In the meantime, in an effort to recoup some of the money he allegedly stole, auctions of his belongings have been held in India. Saffronart conducted an online auction and another live auction in early 2020, on behalf of the Indian Enforcement Directorate. It’s through these events that people have seen first-hand the truly extravagant life that Modi used to live.

Here are just five of the finer things Modi spent his cash on …

Art

MF Husain’s record-breaking artwork. Photo: Saffronart

Amrita Sher-Gil is widely considered to be a pioneer of Indian art, with Saffronart naming her one of India’s most important artists of the 20th century. Her painting, Boys with Lemons, was a highlight of the Modi auctions. The winning bid came in at just over US$2.2 million.

MF Husain, one of India’s most famous artists, finishes off a canvas he painted with Bollywood actor Shah Rukh Khan during a fundraising auction in London in 2007. Photo: AP Photo

But it was a 1972 painting by MF Husain that set a record after being sold for more than US$1.8 million – the most ever spent on one of the artist’s works, reports Hindustan Times. Husain’s Battle of Ganga and Jamuna: Mahabharata 12 shows the meeting of two of India’s biggest rivers.