The income tax department on March 26 auctioned the artworks owned by diamantaire Nirav Modi for ₹59.37 crore, Press Trust of India reported. Modi, who is currently under arrest in the UK, has been accused of duping state-run Punjab National Bank of a whopping ₹11,000 crore.

Of the money raised, the IT department will get a net amount of ₹54.84 crore.

The auction was conducted by Saffronart in Mumbai. It is reportedly the first time that the government has sold artworks adopting the auction-route involving a professional art-house. The department had put up a total of 68 works for auction to recover ₹97 crore from Modi, the report stated.

“An untitled masterpiece by artist VS Gaitonde fetched ₹25.24 crore. It was among several paintings that were seized from Nirav Modi’s home during the raids that came after the PNB scam came to light. Another work, by Raja Ravi Varma, sold for ₹16.1 crore. The Income Tax department had put up 68 works for auction and intended to recover ₹97 crore. Thirteen works were reportedly not sold as there was no “intense bidding”, but most other works were sold for over the reserve price,” the PTI report added.

On March 20, a special court had allowed the agency to sell 173 paintings and 11 luxury vehicles owned by Modi.