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HindustanTimes Wed,16 Apr 2014

ED attaches properties worth Rs. 114 cr of Mumbai businessman

PTI  New Delhi, November 22, 2012
First Published: 16:28 IST(22/11/2012) | Last Updated: 16:30 IST(22/11/2012)

Government on Thursay said the Enforcement Directorate has attached properties worth Rs. 114 crore of a Mumbai-based businessman for his alleged involvement in money laundering.

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"Yes, Ms City Realcom and other companies of the City group promoted by Sayed Mohd Masood were found involved in money laundering activities.

"As a result of investigations conducted by Directorate of Enforcement, properties worth Rs. 114.83 crore being proceeds of crime involved in money laundering, belonging to Sayed Mohd Masood, his companies and family members have been identified and attached under the provisions of the Prevention of Money Laundering Act, 2002," minister of state for finance SS Palanimanickam said in a written reply in Rajya Sabha.

The businessman and his companies are based in Mumbai.

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