Mumbai: A PMLA Special Court in Mumbai has ordered the confiscation of properties worth Rs 300 crore, held in
After extensive investigations, the Enforcement Directorate had attached the bank accounts of foreign companies of Sayed Masood located at Singapore having a balance of around Rs 300 crore. In addition, the ED attached domestic assets of Rs 129 crore in this case.
It found that Masood opened many entities/companies/trusts/bank accounts abroad without any requisite statutory permission, in violations of Indian Laws, which served as special purpose vehicles to launder the proceeds of his criminal activity of cheating over 70,000 investors of Rs 700 crore.
Masood, the key conspirator and beneficiary, in connivance with other directors of the City Group of 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.
Further probe revealed that companies of Masood had received an amount of about Rs 400 Crore in the garb of advance against exports of diamond from entities located at UAE, Hong Kong and Singapore. However, it was found that no export of diamond was actually done….
