Dear investors
Finally there is some hope for thousands of depositors across the country
including Chennai, Coimbatore, Bangalore, Hyderabad and Mumbai who lost their
hard earned money to the fraudulent City Limouzines India Ltd in 2009 as its
properties have been attached in Chennai.
The company had by a conservative estimate defrauded around 35,000 investors from different walks of life including doctors, lawyers and journalists, to the tune of `700 crore to `1,000 crore. Nearly a year after the Economic Offences Wing (EOW) officials in Chennai had sent a proposal to the State Government for attaching the company’s seized properties including cash from frozen bank accounts, the Home Department has issued an ad-interim order attaching the same.
As per the Home Department order issued recently, movable propertiesand liquid cash worth `74.98 crore have been attached. The sum includes `10.81 crore deposits in current accounts maintained in 11 banks, unpaid demand drafts to the tune of `64 crore drawn on 25 banks, and vehicles worth `3.61 lakh. Some of these properties were held by its sister companies including City Realcom Ltd and Ryewood Retreat Motels Pvt Ltd. City Limouzines attracted deposits from well
educated persons through a novel modus operandi. We were informed that if we deposited a minimum of Rs 1.39 lakh, the money would be invested in purchasing cars in our name and rented out by the company. Out of the profits, we were promised a monthly return of Rs 7,775 for a period of five years,”.
The company issued post-dated cheques to investors, which were honoured only for a few months. “The che- ques started bouncing from late 2009 and the staff began dodging us ever since.”
Strangely, the Mumbai-based company, which had offices at several cities, had even been the official sponsor of India Women Hockey team from 2006 to 2009. Following complaints in multiple cities, the police in Mumbai had arrested its owners Masood Sayyed Jamadar and Geetha Razakki, Umar Razakki. Last month, the Bombay High Court had granted bail to Masood.
“In TN, the company operated under 14 different names including City Limouzines (India) Ltd,City Real Com Ltd, City Co-op Credit Society Ltd, City Communications Ltd, City Money Ltd,City Trading L.L.C. (U.S.A), City Airlines Pvt Ltd., City Resorts, City Cine Vision Pvt Ltd, City Hospitalities Ltd,City Foundation, Chaman Automobiles( An H.P Outlet),Bharatratna Dr. Babasahieb Amedkar Pratishthan, Bharatratna Dr. Babasahieb Amedkar Pratishthan Co-op Credit Society Ltd.
The company had by a conservative estimate defrauded around 35,000 investors from different walks of life including doctors, lawyers and journalists, to the tune of `700 crore to `1,000 crore. Nearly a year after the Economic Offences Wing (EOW) officials in Chennai had sent a proposal to the State Government for attaching the company’s seized properties including cash from frozen bank accounts, the Home Department has issued an ad-interim order attaching the same.
As per the Home Department order issued recently, movable propertiesand liquid cash worth `74.98 crore have been attached. The sum includes `10.81 crore deposits in current accounts maintained in 11 banks, unpaid demand drafts to the tune of `64 crore drawn on 25 banks, and vehicles worth `3.61 lakh. Some of these properties were held by its sister companies including City Realcom Ltd and Ryewood Retreat Motels Pvt Ltd. City Limouzines attracted deposits from well
educated persons through a novel modus operandi. We were informed that if we deposited a minimum of Rs 1.39 lakh, the money would be invested in purchasing cars in our name and rented out by the company. Out of the profits, we were promised a monthly return of Rs 7,775 for a period of five years,”.
The company issued post-dated cheques to investors, which were honoured only for a few months. “The che- ques started bouncing from late 2009 and the staff began dodging us ever since.”
Strangely, the Mumbai-based company, which had offices at several cities, had even been the official sponsor of India Women Hockey team from 2006 to 2009. Following complaints in multiple cities, the police in Mumbai had arrested its owners Masood Sayyed Jamadar and Geetha Razakki, Umar Razakki. Last month, the Bombay High Court had granted bail to Masood.
“In TN, the company operated under 14 different names including City Limouzines (India) Ltd,City Real Com Ltd, City Co-op Credit Society Ltd, City Communications Ltd, City Money Ltd,City Trading L.L.C. (U.S.A), City Airlines Pvt Ltd., City Resorts, City Cine Vision Pvt Ltd, City Hospitalities Ltd,City Foundation, Chaman Automobiles( An H.P Outlet),Bharatratna Dr. Babasahieb Amedkar Pratishthan, Bharatratna Dr. Babasahieb Amedkar Pratishthan Co-op Credit Society Ltd.
If investors file case for winding up for
City Realcom Ltd and do their best I hope sure we will receive some money.
Thanks
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