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Industrialist Gautam Singhania's yacht seized

Industrialist Gautam Singhania's yacht seized

The tri-deck luxury yacht MY Ashena belonging to the chairman and managing director of Raymonds Ltd, is registered in a foreign country.

Mumbai: The Intelligence Unit of the Customs department has seized the luxury yacht of industrialist Gautam Singhania following violation of customs norms, sources said on Saturday.

The tri-deck luxury yacht MY Ashena belonging to Singhania, chairman and managing director of Raymonds Ltd, was registered in a foreign country though it was constructed in Gujarat.

As per customs regulations, a yacht or any vessel registered in a foreign country can be anchored in Indian waters only for a limited duration. But Singhania's yacht allegedly was anchored beyond the stipulated time, leading to action by the Customs department, officials said.

The department is further investigating the case, they said.

first published:June 03, 2012, 08:36 IST