The latest move by the agency comes after the Singapore government has said that it will repatriate the ill gotten gains of about Rs 280 crore lying in the foreign accounts of Masood only after his final conviction.
The latest move by the agency comes after the Singapore government
has said that it will repatriate the ill gotten gains of about Rs 280
crore lying in the foreign accounts of Masood only after his final
conviction. The Singapore government has also set a deadline for
repatriation of funds. Masood is currently in jail.
“If ED fails to get a conviction in the case within three years,
Singapore will lift the freeze on Masood’s foreign accounts and he will
be allowed to use the money,” said an ED official who did not want to be
named.
The ED has provisionally attached the bank accounts of Masood in Singapore under the Prevention of Money Laundering Act (PMLA).
Last year, the Supreme Court had directed transfer of 132 cases pending against Masood in various courts across the country to a special court in Mumbai which deals with PMLA. This was done to expedite the trial in the City Limouzines case. Despite the apex court order, till now only 40 odd cases have been transferred to the Mumbai court so far and the trial in the case is yet to begin , said ED sources.
“We want the Supreme Court to fast track the case and monitor its progress, otherwise given the three year deadline, ED will lose the money it has attached in Singapore, “ said another official.
The ED is probing a case under PMLA against City Limouzines and Masood. It is alleged that two City Group companies – City Limouzines and City Realcom – collected over Rs 1,000 crore from thousands of investors across the country by floating car rental schemes and promising unrealistic returns of up to 48 per cent on investments. In 2009, the companies defaulted on payment to investors and more than 42,000 cheques issued by it were dishonoured, the ED said.
Subsequently, several FIRs were registered against Masood and his companies in Mumbai, Karnataka, Rajasthan, Andhra Pradesh and Delhi for criminal conspiracy, cheating and breach of trust.
In Chennai alone at least 35,000 investors have filed claims with the Tamil Nadu Economic Offices Wing.
Last year in May, Masood and his wife Chand Kauser Mohamed Masood were named in Switzerland’s official gazette with regard to ongoing tax probes in India. They are among five Indian nationals with Swiss bank accounts whose names have been made public.
The ED has provisionally attached the bank accounts of Masood in Singapore under the Prevention of Money Laundering Act (PMLA).
Last year, the Supreme Court had directed transfer of 132 cases pending against Masood in various courts across the country to a special court in Mumbai which deals with PMLA. This was done to expedite the trial in the City Limouzines case. Despite the apex court order, till now only 40 odd cases have been transferred to the Mumbai court so far and the trial in the case is yet to begin , said ED sources.
“We want the Supreme Court to fast track the case and monitor its progress, otherwise given the three year deadline, ED will lose the money it has attached in Singapore, “ said another official.
The ED is probing a case under PMLA against City Limouzines and Masood. It is alleged that two City Group companies – City Limouzines and City Realcom – collected over Rs 1,000 crore from thousands of investors across the country by floating car rental schemes and promising unrealistic returns of up to 48 per cent on investments. In 2009, the companies defaulted on payment to investors and more than 42,000 cheques issued by it were dishonoured, the ED said.
Subsequently, several FIRs were registered against Masood and his companies in Mumbai, Karnataka, Rajasthan, Andhra Pradesh and Delhi for criminal conspiracy, cheating and breach of trust.
In Chennai alone at least 35,000 investors have filed claims with the Tamil Nadu Economic Offices Wing.
Last year in May, Masood and his wife Chand Kauser Mohamed Masood were named in Switzerland’s official gazette with regard to ongoing tax probes in India. They are among five Indian nationals with Swiss bank accounts whose names have been made public.
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