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.