An investigation into the assets owned by Sayed Masood, chairperson of City Limouzine Group, has revealed that he has immovable property worth Rs200cr. Masood, accused of having duped thousands of investors from across the country of almost Rs300crore, was arrested on Thursday from Rajasthan.
An officer from the Economic Offences Wing (EOW) of the Mumbai Police said that the property — farmhouses, land, and three flats in the city — are in his and his wife Seema Razzaki’s name. So far, two flats in South Mumbai and one in the western suburbs have been identified. He made investments in shares and mutual funds, which could be worth several crores, the officer said. The EOW is trying to identify more property and assets that Masood might have acquired in the past couple of years.
“We have identified 25 bank accounts,” Sanjay Saxena, additional commissioner, EOW, said. His bank balance is almost Rs7 crore. Masood told the police that he wanted to start an airlines business.
Police said they would attach all properties identified and liquidate funds. Legal experts, however, said the process was not easy. The police will have to first verify the credentials and legalities of the properties identified, criminal lawyer Rohini Salian said. Then the property will have to be attached and submitted to court. “The court will decide if the property can be sold to repay investors,” Salian said.
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