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City Group chairman arrested

The Enforcement Directorate (ED) on Friday arrested Sayed Mohammed Masood, the chairman of City Group, for massive fraud.

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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.”

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