The intelligence unit of the customs department seized the luxury yacht of industrialist Gautam Singhania following violation of customs norms, sources said on Saturday.
The tri-deck luxury yacht, M Y 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.
