Reacting with displeasure to the inability of the Nagpada police to catch the absconding directors of City Limouzines India Pvt Ltd, the Bombay high court on Wednesday sought police records on the steps taken to trace the directors.
“We refuse to believe the police are unable to arrest the accused,” the division bench of justice Ranjana Desai and justice RV More commented, adding, “The Mumbai police are the most competent in India. If they want to arrest someone, they can do it in a day.” City Limouzines and its sister concerns had floated various investment schemes offering lucrative interest rates. Initially, investors got the benefits promised, but later, cheques began to bounce.
The court was hearing petitions filed by investors cheated by the City Group of Companies. One such, the City Group Investors Association, had lodged a complaint, on the basis of which the Nagpada police registered an FIR against Sayyed Mohammed Masood Jamadar, chairman, and 12 directors on June 6, 2010.
In the complaint, Zainab Rafiullah Shaikh, president of the association, alleged that 749 members were cheated of Rs 8.5 crore. The association has moved the high court seeking refunds by liquidating the companies’ assets.
Of the 13 accused, Jamdar is in jail, while statements of four others have been recorded and police as witnesses has cited them. Four were arrested and released on bail, while the remaining four are yet to be arrested.
Public prosecutor Pandurang Pol assured that the Economic Offences.