Money laundering: ED attaches overseas bank accounts
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In a first-of-its-kind move, Enforcement Directorate (ED) has attached bank accounts in Switzerland in a money laundering case against Sayed Mohammed Masood, chairperson of City Limouzines and other companies of City Group. Masood has been booked under several provisions of Prevention of Money Laundering Act (PMLA), 2002 in a multi-crore ponzi scheme. ED claims to have found $1.25 million stacked in several overseas bank accounts.
ED is investigating City Group and Masood's role in money laundering. They have over a dozen cases registered across the country for cheating and criminal conspiracy under several sections of IPC.
In a statement released here, ED said: "By floating ponzi schemes and offering astronomically high returns, M/s City Limouzines (India) Ltd, M/s City Realcom Ltd and Masood, along with other directors of the companies, have cheated thousands of investors across the country of funds to the tune of hundreds of crores."
ED claims to have unearthed huge money laundering involving Masood in India and abroad. The agency said it had issued as many as 14 orders attaching moveable and immoveable properties in India with a market value of over 130 crores in the names of City Group of Companies owned by Masood, his wife Chand Masood Sayed, daughter Masood Sayed, son Jibran Masood Sayed and other directors.
During the course of investigations, ED said, it stumbled upon huge transactions in Masood's bank accounts in Switzerland. The agency has hinted at more domestic and international attachments in a few days.
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