Sahara Group Chairman Subrata Roy struck a deal to mortgage the Plaza Hotel in New York and the Grosvenor House in London to raise bail to leave jail. The Telegraph reports under the deal, Pras Michel will pay £1.3 billion (US$2 billion) for for the consortium of the Grosvenor, Plaza and Dream hotels.
The deal was structured as a one-year loan that will allow Roy to repay a £593 million (US$895.3 million) to the Bank of China and transfer £1 billion (US$1.5 billion) to the Reserve Bank of India to clear his release.
Roy was jailed in March 2014 for contempt of court after he failed to return more than 200 billion rupees (US$3.25 billion) with interest to investors who were sold illegal bonds. Since being jailed, Roy has had 28 offers for his hotels.