Mumbai: The Enforcement Directorate (ED) on Saturday arrested Sayed Masood, Chairman of City Group, from New Delhi in connection with a fraud case. "We have arrested Sayed Masood from New Delhi and he will be brought to Mumbai and produced in a court," said an ED official.
Masood is accused of duping thousands of investors through his companies City Limouzines and City Realcom. The ED had registered a case against Masood under the Prevention of Money-Laundering Act (PMLA), and in April, 2012 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.