No relief for City Group head Masood in money laundering case

MUMBAI: A special court here today rejected the bail application of City Group chairman Sayyed Masood who is in custody for allegedly duping investors through his companies City Limouzines and City Realcom.

The special Prevention of Money Laundering Act (PMLA) court turned down the bail petition of Masood who was arrested from Delhi on December 14 last.

He is currently in custody of Mumbai police. The Enforcement Directorate (ED), probing the case, had earlier said Masood's properties worth Rs 400 crore are yet to be identified and attached under PMLA.

The ED had registered a case against Masood under PMLA in April 2012 and attached his properties suspecting they were purchased from proceeds of the crime.

Mumbai Police had earlier lodged a cheating and fraud case against the businessman for allegedly duping people by promising unrealistic returns on their investments through various schemes.

Mumbai police too had earlier moved the court to cancel Masood's bail.

Recently, the ED had attached the Swiss Bank accounts of Masood and his other group of companies.