The total seizure of assets now amounts to Rs 385 crore
The Enforcement Directorate (ED), a law enforcement and an economic intelligence agency working as a part of India's ministry of finance, has attached over Rs 91 crore kept in a Singapore bank in connection with a Mumbai-based City Limousine chit fund case.
Sayed M Masood, chairman of the chitfund, is being investigated for floating illegal ponzi schemes by promising extraordinary returns. The amount has been attached under the Prevention of Money Laundering Act (PMLA), Indian news agency PTI reported today.
The ED, in a joint collaboration with their counterparts in Singapore, carried the operation out and attached Rs 91.3 crore in foreign currency in Singapore bank accounts". The total seizure of assets now amounts to Rs 385 crore, the news agency said.
In 2015, the agency had attached Rs 166 crore in Singapore and Rs 6 crore in a Swiss bank account in 2012, including a few other attachments.
According to PTI, the law enforcement agency suspects that Ms City Limousines (India) Limited and Ms City Realcom Limited, its chairman and other directors of the companies have cheated thousands of investors across the country,