Police from New Delhi, Rajasthan, Tamil Nadu and Sangli are waiting to seek custody of City Limouzines chairman S.M. Masood in connection with a nation-wide Rs. 2,000-crore investment scam.
The Economic Offences Wing (EOW) of the Mumbai police Crime Branch, which arrested Masood on February 4 this year from the outskirts of New Delhi, may also apply for Masood’s custody for the second time in connection with the ‘City Realcom’ scam. Masood had floated a real estate company and allegedly duped investors in a manner similar to the City Limouzines scam.
On Wednesday, Masood and his wife, Seema Razzaki, were granted bail by the sessions court in cheating cases registered with the EOW. The Pune police was given Masood’s custody.
Sources in the EOW said in Mumbai, cases had been registered against Masood at Kurla, Vakola, Bangur Nagar and Amboli police stations, but has been granted bail in all those cases. They added that in most other cases, Masood is likely to get bail.
He could have faced an uphill task in obtaining bail in the cheating case registered against him in Tamil Nadu had the Chennai police applied the stringent Tamil Nadu Prevention of Investors and Depositor’s act against him.
“The Chennai police has not applied the act against Masood and he has been booked there under IPC Section as in other states,” Masood’s counsel Rajesh Srivastava said. The special act, which is as stringent as the Maharashtra Control of Organised Crime Act entails no bail for the accused for a maximum of six months.
Srivastava claimed that Masood could be a free man in a month’s time.
“Once his accounts and properties are de-frozen (released), he would be able to pay up the capital amount of all the investors,” Srivastava claimed.