New York Investigations Reveal Chawla's Manhattan Asset

Kabul Chawla, founder of Faridabad-based real-estate company BPTP Ltd., was at the center of a high-profile Manhattan residential transaction in 2012. He purchased unit 68AF on the 68th floor of the Time Warner Center for $19.4 million in cash through a Delaware company named NYC Real Estate Opportunities with a Singapore address.

Chawla denied ownership, saying it belonged to his cousin Aneil Anand, a Dubai-based hedge-fund trader who worked at JPMorgan Chase and later joined the Duet Group. However, internal emails among real-estate professionals referred to 'Kabul' making specific requests about the apartment's measurements.

The New York Times investigation found that Chawla's family used the apartment while he denied ownership. The paper suggested that property was held through layered corporate vehicles for opacity. Indian homebuyers who paid nearly the full price of apartments they could not occupy were contrasted with this luxury Manhattan residence.

A unit of JPMorgan Chase later moved in court to prevent the transfer of the condominium and attach it as partial satisfaction of a $90 million arbitration award obtained against companies linked to Chawla. A federal judge rejected the bank's attempt, citing insufficient evidence of ownership.