09:37
Indian mining billionaire Anil Agarwal is one of the many secret buyers of high-end real estate in New York City’s Time Warner TWX +0.45% Center, a luxury condominium that looms over Central Park, according to a report by The New York Times.
A company called Amantea Corp. bought two condos on behalf of Agarwal for $9.1 million in 2004–one on the “maids floor” and the other with sweeping views of the park, the report says. Agarwal’s name is not on the records.
Ten months before he closed on his Time Warner condos, Agarwal, his father and his brother were found to have illegally moved money out of India using shell companies in Mauritius and the Bahamas, the report says. The Agarwals, an Indian judge later wrote, “tried to pull wool over the revenue’s eyes and manipulated foreign exchange.”
Agarwal is a well known figure on these pages (with a current network of $1.6 billion), including some of his London-listed company Vedanta Resources' troubles in India.
Read full: Indian Billionaire Amongst Secret Buyers Of NYC Real Estate
A company called Amantea Corp. bought two condos on behalf of Agarwal for $9.1 million in 2004–one on the “maids floor” and the other with sweeping views of the park, the report says. Agarwal’s name is not on the records.
Ten months before he closed on his Time Warner condos, Agarwal, his father and his brother were found to have illegally moved money out of India using shell companies in Mauritius and the Bahamas, the report says. The Agarwals, an Indian judge later wrote, “tried to pull wool over the revenue’s eyes and manipulated foreign exchange.”
Agarwal is a well known figure on these pages (with a current network of $1.6 billion), including some of his London-listed company Vedanta Resources' troubles in India.
Read full: Indian Billionaire Amongst Secret Buyers Of NYC Real Estate
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