The police are trying to gather details about the company and ascertain whether Sayed Masood used the money he received by duping investors to set up it up.
Investigations into multi-crore City Limouzine scam by the Economic Offences Wing (EOW) of Mumbai Crime Branch have revealed that the group’s chief Sayed Masood’s family owns a company in the United States. The police are trying to gather details about the company and ascertain whether Masood used the money he received by duping investors to set up it up.
“The City Trading Limited Liability Company in the US is owned and looked after by Masood’s family which is based in that country. We have to ascertain whether Masood has any direct investment in the company,” said an EOW officer, requesting anonymity.
A source in the police said that the said company has been leased out by the Masood family to another company in the US. “We will use diplomatic channels to gather more information about the Masoods’ company and also try to find if there are any properties owned by Masood in the US,” he said.
EOW sources claimed that they have identified immovable properties worth Rs150 crore owned either by Masood or his close associates in Mumbai and some other parts of Maharashtra. “To secure the interest of the investors, these properties are likely to be attached,” said an officer, privy to investigations.
Masood and his associate and director City Limouzine, Seema Razzaki, were arrested by EOW from the Delhi-Jaipur Highway on February 4. Preliminary inquiries into the case revealed that the fraud is more than Rs300 crore, said the police.
An investor, Jalindar Phansare, had registered a case with the police against the company a few years ago, stating that it had not lived up to its promises and had failed to provide him a car on his investment. When Masood moved the Bombay high court, it quashed the FIR against him. The police then went to the Supreme Court on whose direction the FIR was restored in August 2009.
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