City Group chairman arrested
The Enforcement Directorate (ED) on Friday arrested Sayed Mohammed Masood, the chairman of City Group, for massive fraud.
In October, the ED, in a unique move, had attached Masood’s bank accounts in Switzerland. Masood had first been arrested in February 2010.
A press release from the ED stated, “He has been apprehended after an extensive search for his whereabouts.” Masood was brought to Mumbai for further investigation and produced before the Special Court, PMLA and PMLA Special Judge, Swapna Joshi.”
The ED has been granted custody till December 21. Masood, the chairman of City Group, City Limouzines, City Realcom and other companies of the City Group had floated schemes offering returns amounting to more than 48 per cent on deposits and investments.