The Special PMLA court in Mumbai has ordered the confiscation of money worth approximately 40 million USD (Rs 300 crore) held in Singapore in a Ponzi Scheme Fraud case.
These assets were beneficially owned by Sayed Masood, Chairman and promotor of M/s City Limouzines (I) Ltd and his family members.
The Enforcement Directorate (ED) after extensive overseas investigations had attached the bank accounts of foreign companies of Masood located in Singapore having a balance of approximately 40 million USD (Rs 300 crore). In addition to overseas assets, the ED had also attached domestic assets of Rs 129 crore in this case.
The ED is investigating a case of money laundering recorded against M/s City Limouzines (I) Ltd, Sayed Masood, City Group Companies and others. Masood, the key conspirator and beneficiary, in connivance with other directors of the City Group companies, laundered the investor’s money by routing the same through various countries and invested the same in movable and immovable properties in India and abroad.
The ED had unearthed the extensive trail of Proceeds of Crime (PoC) parked overseas which resulted in the attachment of properties in the form of bank balances to the tune of Rs 300 crore in Singapore. The said PoC held abroad was attached provisionally and subsequently confirmed by the Adjudicating Authority.
“Investigations had revealed that companies of Masood had received an amount of about Rs 400 crore in the garb of advance against exports of the…
