Mumbai limo chief lands in combo-troublePublished: Monday, Jul 11, 2011, 8:00 IST
The Economic Offences Wing (EOW) the of city police on Saturday arrested Sayyed Masood, director of City Limouzine Group, in a fresh case of cheating.
It is alleged that Masood has cheated around 64 investors to the tune of Rs73 lakh by making false promises of giving them high returns on their investment. The victims had invested in Combo-Offer in Masood’s company wherein they were assured returns on car-rental and plot-rental scheme.
Masood was apprehended in Bangalore on Friday and was brought to the city on Saturday. He is presently in police custody till July 15, said the police.
According to EOW sources, complainant Kalpesh Rajnikant Pise had read an advertisement in a newspaper about Combo-Offer of City Limouzine some time back wherein the company had promised huge returns on investment.
“The company had promised that they would purchase cars from the money invested by the investors and would rent them. The rent amount would have given to the investors. Another offer was that the investors will purchase some plot of the company which would again be given on rent and the amount would be given to the investors,” said an EOW officer.
He added that Pise fell pray to this lucrative offer and invested Rs3.5 lakh.
“Like Pise, 63 other investors had also invested around Rs73 lakh in the company. The company initially made some payments, but defaulted later since their cheques bounced. After the company locked its shutters in 2009, Pise lodged a complaint against him,” the officer said.
The officer also said that the investors from Chennai, Hyderabad, Delhi, Rajasthan and Bangalore were also duped as they too had invested their hard-earned money in Masood’s company.
“Investigation is in progress and we are ascertaining where Masood has invested victims’ money and whether he had purchased any property through this ill-gotten money,” the officer added. - DNA