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Mumbai: ED arrests businessman in a fraud case

First published: December 15, 2012, 4:00 PM IST | Updated: December 15, 2012
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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.

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