After hunting for him for days on end, the Enforcement Directorate (ED) has finally succeeded in arresting Sayed Mohammed Masood, the chairperson of City Group for duping thousands of investors in a multi-crore scam.
“We arrested him from Delhi on Friday. We produced him in a local court today [on Saturday],” an official from the Enforcement Directorate told The Hindu on Saturday.
Special Judge of PMLA (Prevention of Money Laundering Act) Court Swapna Joshi remanded him in ED custody till December 21.
Mr. Masood had opened many companies under the City Group banner and floated various ponzi schemes. His companies like M/s. City Limouzines (I) Ltd., M/s. City Realcom Ltd. promised the people “that they will get more than 48 per cent returns on their deposits,” an official said.
But the company downed its shutters after collecting crores of rupees.
