Feds Say Condo Involved In NYC’s Largest Foreclosure Tied To Nigerian Corruption Case

By Tyler Durden

New York City real estate, particularly the luxury market, is a popular refugee for world’s corrupt, self-dealing public servants and the crooked businessmen who bribe them. China cracked down on wealthy citizens seeking to stash their wealth in international real estate by adding several deterrents to its capital controls earlier this year (Among them, Chinese investors moving money out of the country must now sign a pledge saying it won’t be used to buy real estate, or investment securities). Shortly after, the New York real-estate – literally half a world away – was rattled by a crush of stalled deals.

So, it’s unsurprising that the mystery behind the largest residential foreclosure auction in NYC history would have this kind of sordid backstory. Last month, we met Kola Aluko, a Nigerian oil magnate and the purported owner of One57’s Apartment 79, a $50 million apartment that will be sold next week in what appears to be the largest foreclosure auction in New York City history.

And now the US government has added a new twist: In a lawsuit filed Friday in Houston by the Justice Department’s Kleptocracy Asset Recovery Initiative, the Feds are seeking to recover $144 million in …read more

Source:: ZeroHedge