JPMorgan Chase is suing to prevent an Indian developer from transferring the ownership his $19.4 million apartment at the Time Warner Center.
JPMorgan is trying to seize the apartment at Related Companies’ 25 Columbus Circle, according to the New York Times, as a payment toward a $90 million award. The developer in question, however, claims he doesn’t even own the unit. A Delaware-based shell company by the name NYC Real Estate Opportunities, which has a Singapore address, owns the pad on the 68th floor of the tower, the newspaper reported.
The newspaper found that New Delhi businessman Kabul Chawla is the owner of the pad. Indian consumers have launched complaints against Chawla, according to the Times, claiming he failed to complete residential projects cashing in large deposits. Chawla’s companies owe $90 million to JPMorgan subsidiary Harbour Victoria Investment Holdings, according to an arbitration panel in London, the newspaper reported.