Chairman of City Limouzines (India) Ltd and other group firms, Syed Mohamed Masood, was arrested by the ED here on December 14 in a case lodged under the Prevention of Money Laundering Act (PMLA).
Masood, against whom more than 20 criminal cases have been registered in six states across the country, was produced before Additional Chief Metropolitan Magistrate (ACMM) Gautam Manan who allowed the ED's plea and granted his transit remand to the agency to produce him before a Mumbai court.
"Keeping in view the fact that accused Masood is required to be produced before Mumbai court, his transit remand is granted to IO Assistant Director D Shanmugham till December 17.
"Accused be produced before the said court on or before December 17, 2012," Additional Chief Metropolitan Magistrate (ACMM) Gautam Manan said.
Special Public Prosecutor Naveen K Matta, appearing for ED, sought Masood's transit remand saying the accused, along with his firms City Limouzines (India) Ltd, City Realcom Ltd and other group companies, have floated various schemes offering returns of more than 48 per cent on deposits from the public.
After getting substantial amount from the investors, these companies shut their operations and in August 2009, more than 42,000 cheques issued by these companies to their investors bounced, the ED said. MORE
