Once known as Brazil's richest man, Eike Batista has had the biggest drop in net worth of any other billionaire to date. It is estimated that his wealth peaked at $30 billion in 2012, but Batista claims he is now worth a negative $1 billion.
Make that negative $1.2 billion. (Tweet this)
Federal Police in Rio de Janeiro seized six vehicles, computers, mobile phones, watches and roughly $32,500 in cash from the business magnate and former race car driver.
Batista was served with a search warrant on Feb. 6 after Judge Flávio Roberto de Souza suspected the businessman had sent money abroad, according to The Wall Street Journal.
Judge de Souza had frozen almost $82.8 million of Batista's financial assets early in the suit as guaranteed payment for penalties if he was found guilty. That figure increased in December when a judge asked for his state's prosecutor charges to be added to those already filed against the businessman.
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In December, Batista's lawyers filed a motion to have Judge de Souza replaced claiming he was not impartial.
Batista made and lost his fortune in mining, oil and gas exploration. He was accused of market manipulation and using privileged information to make a profit of about $95 million through the sale of company stock in September 2014.
The Journal reported that earlier in the week de Souza ordered a freezing of financial assets connected to Batista and his family and the seizure of up to $544 million.
Five of his six publicly traded holdings saw prices plummet in 2013, and Batista's assets have decreased in value by two-thirds, according to Forbes.