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Tuesday, January 22, 2013
Enforcement Directorate Attaches 160 Acres of Land Owned by City Group Companies
MUMBAI:
The Enforcement Directorate (ED) has attached 160 acres of land owned
by tainted investment company City Group near Lavasa in Pune. The land
valued at around Rs 50 crore was purchased from the money collected from
investors.
The company chairman, S M Masood, wanted to purchase 1,500 acres of land in western Maharashtra for commercial exploitation.
The
total value of the immovable assets and bank accounts seized has
crossed over Rs 300 crore, officials said. If the court permits, then
the amount in the company's bank accounts and money realized from the
auction of properties will be used to repay the investors.
City
Group's companies-City Limouzine and City Realcom-had collected over Rs
1,000 crore promising 48% returns and land plots based on the amount
invested. The investors spread across the country had lodged complaints
with the police after the cheques issued by the companies bounced in
2007.
While
the police are investigating complaints of cheating, the ED is probing
into charges of money laundering. Currently, Masood is in judicial
custody. "During interrogation he disclosed the purchase of land. We are
also investigating whether he has invested in some redevelopment
projects in the western suburbs," an official said. Officials believe
Masood diverted funds to some tax haven.
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