The Economic Offences Wing (EOW) of the Mumbai Crime Branch on Thursday arrested City Limouzine Group chairperson Sayed Masood in Delhi. Masood is accused of having duped investors to the tune of approximately Rs300 crore.
“Masood and Seema Razzaki, one of the group directors, were arrested by EOW’s special team. They will be brought to Mumbai for interrogation,” additional commissioner of police, EOW, Sanjay Saxena said.
The police had information that Masood was travelling around Delhi, Haryana and Gurgaon. The EOW kept a close watch on Masood before apprehending him. “Masood and Seema were detained on the Delhi-Jaipur highway and then taken to Delhi where they were arrested. On Thursday, we had sought Masood and Seema’s transit remand from a local Delhi court till February 6,” a police official said. Masood had moved an application in the Supreme Court for anticipatory bail in the case. The hearing was scheduled on Friday.
According to EOW sources, the duo was leading a lavish lifestyle for two months.
Our informants spotted them travelling in luxurious vehicles and residing in five-star hotels in Delhi. Masood was agitated, but showed no remorse for cheating several investors after he was arrested,” said a police official who was part of the team. EOW officials had earlier arrested Umar and Geeta Razzaki, directors of the company, and an accountant in November. A charge-sheet was filed against them a week ago.
The EOW sources claimed to have identified immovable properties worth Rs150 crore in Mumbai and Maharashtra owned by Masood and his associates. “The properties are likely to be attached to protect the interests of investors,” said an officer, privy to investigations. “We have two FIRs registered against the company and nine cases registered in different police stations in Mumbai. So far, we have received close to 25,000 applications from investors, stating they have been duped. The estimated fraud could be close to Rs300 crores,” said an officer.
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