Monday, July 11, 2011

City Limouzine chief, Sayed Masoodhad planned to buy a plane

Old news
City Limouzine chief, Sayed Masoodhad planned to buy a plane
Published: Friday, Mar 12, 2010, 0:55 IST 

Investigations into the multi-crore City Limouzine scam have revealed that chairman of the group, Sayed Masood, was planning to get into the aviation sector. The police believe this could have been yet another move to attract people to invest more money. Masood had given money to an aviation firm to purchase a plane, but the deal fell through, they said.
“Masood was planning to start his own airline. He had paid Rs1.40 crore to a Kolkata-based company to purchase a plane worth Rs3 crore,” said an Economic Offences Wing (EOW) officer, requesting anonymity.
The officer added that the deal was made in 2007 and Masood had got the required permit from the civil aviation ministry. “Since the permit had expired and Masood did not renew it, the deal got cancelled. His company’s website shows that he registered a company named City Airlines,” said the officer.
However, the police believe that getting into the aviation sector was not Masood’s real motive. “The plane he wanted to buy was small. We believe that he wanted to show investors that he had purchased a plane and would require money to set up an airline business. He would have floated another investment scheme,” the officer added.
Initially Masood started City Limouzine and people started investing money. Then he floated City Realcom (a real estate company). “With an entry in the aviation sector, he could have made more money. But the plan failed as he could not get his permit renewed,” said the officer.

No comments:

Post a Comment

Search here anything you like