Real Estate

Feds seize Walker Tower PH, Park Lane investment stake in connection to 1MDB probe

therealdeal.comThe U.S. government seized four high-priced condominiums in Manhattan, as well as a stake in the Park Lane Hotel, in connection with a money-laundering scheme that allegedly diverted $3.5 billion away from a Malaysian investment fund. The government’s effort to seize the entities offers a rare glimpse into how dirty money is moved into some of the city’s most expensive properties by a complex global network of shadowy characters, mysterious business entities and willing bankers and lawyers.

In a complaint filed Wednesday, federal officials seized valuable artworks, a private jet and real estate in New York and Beverly Hills amid its probe into how billions of dollars meant to benefit the Malaysian citizens were misappropriated from the 1Malaysia Development Bhd., or 1MDB.

Categories: Real Estate

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