Bail plea of City Limouzines chief rejected

Press Trust of India : Mumbai, Tue Feb 05 2013, 05:06

Bombay High Court (HC) rejected Monday bail plea of Sayed Mohammed Masood, chairman of City Limouzines, who allegedly duped thousands of investors, observing that there were chances of the accused absconding and tampering with evidence.
Justice R C Chavan accepted the contention of the enforcement directorate (ED) that it was a Rs 500-crore scam and Masood had not appeared before the agency for questioning despite summons.
The court held that prima facie a case was made out against the accused and that investigation was still on and the accused could not be granted bail.
Masood was arrested by ED on December 16 last year. His companies — City Limouzines and City Realcom — had floated various schemes luring investors across the country by promising 48 per cent return on investments.
In 2009, the company shut operations and more than 42,000 cheques issued by it to investors were dishonoured.
Over 20 FIRs have been registered against the company in Mumbai, Karnataka, Rajasthan, Andhra Pradesh and Delhi for criminal conspiracy, cheating and breach of trust. Masood was booked by ED under Prevention of Money Laundering Act.

http://www.indianexpress.com/news/bail-plea-of-city-limouzines-chief-rejected/1069578/