Realtor abandons investors, lives it up in New York !

An investigation by the NYT has identified New Delhi builder Kabul Chawla, as the owner of a $19.4 million apartment in Time Warner Center’s south tower in Manhattan. Chawla is the promoter of Park Serene Apartments in Delhi, an unfinished, behind-schedule complex that has driven many of its retired military veteran buyers to desperation, as Park Serene has collected 100% of the price of the apartments from 400 buyers that military veterans estimate at over $35 million.

Chawla has denied that he owned the apartment in Manhattan but investigations traced the ownership to him through a shell company and a cousin. Chawla subsequently admitted that the unit was owned by his cousin Aneil Anand.

The NTY investigation also zeroed in on NRI mining magnate Anil Agarwal of Vedanta who is said to be behind condos purchased in the same complex by Amantea Corporation for $9.1 million in 2004.

The NYT said the US has no legal requirement for the real estate industry in America to identify and record buyers’ identity and background. Consequently some of the most expensive residential properties in the US are now purchased anonymously through shell companies.

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