July 8, 2015 8:28 AM

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ED attaches Rs 166 cr kept in Singapore bank

The Enforcement Directorate (ED) has successfully attached around 166 crore rupees kept in a Singapore bank in connection with a money laundering probe in a Mumbai-based ponzi scam case.The amount, which was attached under the provisions of the Prevention of Money Laundering Act (PMLA), pertains to the City Limousine chit fund case. A probe is underway against the Chairman of chit fund, Sayed M Masood for floating illegal ponzi schemes by promising extraordinary returns. It is suspected that companies related to this scam have cheated thousands of investors across the country of funds to the tune of hundreds of crores. According to sources, this is a major achievement in overseas money laundering and financial crimes probe. The agency's Mumbai zonal officer in the same case, had attached 6 crore rupees lying in a Swiss bank account in 2012. ED's Indore office had recently attached a land worth 1,000 crore rupees in the US in a money laundering case of similar nature.

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