Unfreeze my assets, says City Limo scam accused.
MUMBAI: Sayed Masood Jamadar, prime accused in the City Limouzine scam, urged the Bombay High Court on Monday to find a solution to enable him to pay back his investors.
Masood, chairman of City Group, who has been arrested for money-laundering, by the Enforcement Directorate (ED), urged the court to unfreeze his assets so he can pay back investors who he had allegedly duped. The cheating case is being investigated by the Economic Offences Wing (EOW). "Even the police cannot do anything. Let all properties be sold and investors be paid.,'' said A M Sachwani, Masood's lawyer.
The City Group Investors Association, which had filed a PIL in the Supreme Court to get back its money, called it another delaying tactic. "Before they fulfill their assurances to court, the lawyer is changed," said Mubin Solkar, the association's lawyer. The judges adjourned the hearing by two weeks, permitting Masood to file his say.
Masood's assets were frozen after he was arrested by the ED under the Prevention of Money Laundering Act. But on the back of the PIL, Masood urged the court to let him pay back investors in the case of cheating registered against him by the EOW.
Solkar said the police must tell the court what action has been taken in other cheating cases registered against him.Sachwani sought time to bring the facts on record and said despite the Supreme Court saying Masood may run his company, his accounts have been frozen and properties seized.
He was arrested in Delhi on December 14, 2012 by the Enforcement Directorate on charges of money laundering.
Even the police cannot do anything. Let all the properties be sold and investors be paid. Some solution must be found,'' he said. Solkar objected saying similar statements are made by every lawyer appearing for Masood. Before they fulfil their assurances to the court the lawyer is changed,'' said Solkar. Allowing Masood to file his say, the judges adjourned the hearing by two weeks.