Fleet Of Porsches Seized As Part Of Investigation Into Jet Airways Investor
A Liechtenstein court order has exposed a trove of luxury cars and watches among the items seized by prosecutors investigating allegations of fraud linked to one of the investors aiming to revive India’s Jet Airways.
(Bloomberg) -- A Liechtenstein court order has exposed a trove of luxury cars and watches among the items seized by prosecutors investigating allegations of fraud linked to one of the investors aiming to revive India’s Jet Airways.
The supreme court in Liechtenstein rejected an appeal to unfreeze the assets that include seven Porsche cars, five Rolex “boxes” and a classic car simulator worth as much as $214,000, according to a June verdict published on the court website.
Florian Fritsch is being investigated for suspected fraud and money laundering by prosecutors in the tiny principality, wedged between Austria and Switzerland. He didn’t respond to an email and message seeking comment.
Fritsch and his investment company Kalrock Capital are part of a consortium picked to revive Jet Airways, once India’s top private carrier, that filed for bankruptcy in 2019. The investors have pledged to invest 1 billion rupees ($12 million) by the end of September to take control of Jet Airways.
The Liechtenstein probe has advanced but will need more time to be completed, said Chief Prosecutor Robert Wallner. He was responding to questions about the probe into Fritsch but did not name him in his responses to Bloomberg.
A large number of confiscated documents had been unaccessible to prosecutors due to numerous appeals by the suspects, Wallner said by email. An unsealing process is now underway, he said.
--With assistance from Ragini Saxena.
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