ED attaches properties worth Rs 114 cr of Mumbai businessman

NEW DELHI: Government today said the Enforcement Directorate has attached properties worth Rs 114 crore of a Mumbai-based businessman for his alleged involvement in money laundering.

"Yes, Ms City Realcom and other companies of the City group promoted by Sayed Mohd Masood were found involved in money laundering activities.

"As a result of investigations conducted by Directorate of Enforcement, properties worth Rs 114.83 crore being proceeds of crime involved in money laundering, belonging to Sayed Mohd Masood, his companies and family members have been identified and attached under the provisions of the Prevention of Money Laundering Act, 2002," Minister of State for Finance S S Palanimanickam said in a written reply in Rajya Sabha.

The businessman and his companies are based in Mumbai.