NGMA Seeks Permission to Display Seized Artworks Worth Rs 27 Crore, Amid DHFL Fraud Case

Seventy-five paintings and three sculptures currently stored at the National Gallery of Modern Art (NGMA) in Mumbai are set to be displayed as part of a curated exhibition. The artworks, valued at over Rs 42 crore, were seized by the Central Bureau of Investigation (CBI) from accused individuals involved in the Rs 34,000-crore Dewan Housing Finance Limited (DHFL) fraud case.

The request for permission was made by NGMA Mumbai Director Nidhi Choudhari on August 5. The CBI has since moved an application before Special Judge Sanjeev Kumar Malhotra of Rouse Avenue Court. Seeking directions on the display of the artworks.

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The case against DHFL was registered in 2010 after a complaint by Union Bank of India. Which accused the company of siphoning off Rs 34,900 crore. The CBI alleges that DHFL diverted Rs 11,700 crore to 87 shell companies linked to the Wadhawan group.

On September 6, 2024, Special Judge Ashwani Kumar Sarpal was hearing a plea by Deepak Ravi Kapoor, a prosecution witness, seeking the return of two paintings by Manjit Bawa and Tyeb Mehta. The court had previously ordered that the artworks be kept in a controlled environment to preserve their value.

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The NGMA director's letter stated that the gallery wanted to display the artworks "on regular basis or till further directions of the court." However, lawyers representing the accused persons argued that the letter did not clarify who would suffer losses if the works were damaged.

The CBI has now sought clarification on the NGMA's request. The case will be heard by Special Judge Sanjeev Kumar Malhotra on September 24. The display of the artworks could provide a significant boost to the NGMA, which is facing financial constraints.