Delhi High Court Approves Sale of 26 Luxury Cars Seized in Money Laundering Case

The Delhi High Court has permitted the sale of 26 luxury cars, including Rolls Royce and Ferrari, linked to a Rs 200 crore extortion case involving Sukesh Chandrasekar. The court cited natural decay and depreciation as primary reasons for the decision, ensuring funds are preserved in a fixed deposit.

The Delhi High Court has recently granted permission for the sale of 26 luxury cars seized in a money laundering case connected to the high-profile Rs 200 crore extortion case involving Sukesh Chandrasekar. The cars, which include high-end brands such as Rolls Royce and Ferrari, have been in the possession of the Directorate of Enforcement (ED).

Justice Swarana Kanta Sharma dismissed a petition by Leena Maria Paulose, Sukesh's wife, who challenged the prior order allowing the sale. The court emphasized that vehicles are prone to natural decay and depreciation, impacting their value and functionality. Moreover, storing these vehicles for extended periods contributes to their deterioration.

The judgement underscored that maintaining these luxury cars while stored is both costly and inefficient due to environmental factors leading to rust and corrosion. The ED is instructed to deposit the proceeds from the sale into an interest-bearing fixed deposit, to be returned if the accused are found not guilty. The decision aligns with the Prevention of Money Laundering Act (PMLA) guidelines.

The court noted that the depreciation in vehicles' value is a recognized issue within the automobile industry, often leading to a significant drop in resale value. The seized cars were purchased using funds from criminal activities, thus necessitating their sale to prevent financial loss and burden on the state exchequer.