Tuesday, April 17, 2012

City Limouzine group’s properties worth Rs 13 crore attached

City Limo group’s properties worth Rs 13 crore attached
C Unnikrishnan, TNN Apr 16, 2012, 03.20AM IST

MUMBAI: The Enforcement Directorate (ED) recently attached eight
properties of City Group and its chairman Sayed Masood.

City Group's companies, City Limouzine and City Realcom, had duped
thousands of people across the country by promising unrealistic
returns on their investments through various schemes. In one of the
schemes, City Limouzine offered 48% returns on investments.

The properties-located in Mumbai, Navi Mumbai and Pune-have a market
value of over Rs 13 crore.

The police had registered FIRs against Masood and other directors for
conspiracy and cheating across the country two years ago.

The ED then registered a case under the Prevention of Money Laundering
Act (PMLA). ED's case was that City Group's properties could be
attachment under the Act as they were purchased from proceeds of the
crime.

ED investigations indicate huge money laundering in India and abroad.
During the course of investigation, the ED issued a total of 14
attachment orders for movable and immovable properties registered in
the names of City Group, Masood, his wife, daughter Jabeen, son
Jibran, associate Seema Razakki and other companies controlled by
Masood. These properties have a market value of over Rs 130 crore,
said sources, adding that more attachments were likely.

The PMLA adjudicating authority has confirmed 12 attachment orders and
ED is in the process of taking over these properties.

After being in prison for over two years, Masood was released few
months ago. He submitted fake documents to obtain bail in one of the
cases.

1 comment:

  1. Enthusiastic words written in this blog helped me to enhance my skills as well as helped me to know how I can help myself on my own. I am really glad to come at this platform.
    Unsecured Loans provider in Nashik

    ReplyDelete

Search here anything you like