Mumbai: ED arrests businessman in a fraud case
The ED had registered a case against Masood under the Prevention of Money-Laundering Act (PMLA).
Mumbai: The Enforcement Directorate (ED) on Saturday arrested Sayed Masood, Chairman of City Group, from New Delhi in connection with a fraud case. "We have arrested Sayed Masood from New Delhi and he will be brought to Mumbai and produced in a court," said an ED official.
Masood is accused of duping thousands of investors through his companies City Limouzines and City Realcom. The ED had registered a case against Masood under the Prevention of Money-Laundering Act (PMLA), and in April, 2012 attached his properties suspecting they were purchased from proceeds of the crime.
Mumbai Police had earlier lodged a cheating and fraud case against the businessman for allegedly duping people by promising unrealistic returns on their investments through various schemes.
- Mirzya New Trailer is All About Love, Passion and Music
- Nobody Employed Me, Says Gulzar on Screenplay Sabbatical
- Films Will Create My Identity: Harshvardhan Kapoor
- Falcon 9 Explosion Most Difficult Failure: Elon Musk
- Sam Allardyce Fights to Save England Job After Newspaper Sting
- India to Reclaim Top Spot If They Win Kolkata Test Against New Zealand
- Lenovo Sacks "Hundreds" of Employees at Motorola: Report
- Cheteshwar Pujara's Kanpur Transformation Augurs Well for Team India