The sessions court on Wednesday refused to extend the interim relief granted to chairman of City Limouzines, Sayed Masood.
The police had lodged three first information reports against Masood for allegedly cheating at least 20,000 investors of City Limouzines.
Masood had approached the court seeking anticipatory bail.
According to the Economic Offences Wing, the firm floated a scheme of offering 48 per cent return on investment to investors. The firm had promised that the investment would be used to buy cars that would be registered in investors’ names. An investor filed a case alleging the company had failed to keep its promise.
Masood’s lawyer had on the last date of hearing filed an undertaking in court, assuring that Masood will be present before the court on Wednesday for the hearing of his application seeking anticipatory bail.
As Masood failed to appear before the court, it refused to extend interim protection granted to Masood and adjourned the hearing of his anticipatory bail application till November 5.