Indian tycoon Anil Ambani’s US$410 million building seized in billion-dollar fraud probe

Indian investigators have seized a US$410 million luxury condominium building owned by Anil Ambani as part of a widening investigation into alleged bank fraud by the tycoon. The Enforcement Directorate, India’s anti-money-laundering agency, said on Wednesday that it had provisionally taken Ambani’s 17-storey property, known as “Abode,” in the upscale Pali Hill neighbourhood. The agency alleged Ambani had defaulted on over 400 billion rupees (US$4.4 billion) worth of loans from Indian and fore...

By Bloomberg