CITY LIMOUZINE FRAUD. Review on City Limouzines

FRESH UPDATE FROM TOI-15-09-2009 Investors fear the bubble has burstC Unnikrishnan, TNN 15 September 2009, 04:02am IST Print Email Discuss Bookmark/Share Save Comment Text Size:| MUMBAI: Worried that their money may have gone down the drain, irate investors on Monday gathered outside the City Limouzines(India) Ltd's office at Mittal Tower, Nariman Point, and demanded their money back. A police team from Cuffe Parade rushed to the spot and asked the company officials to leave the premises to prevent any law and order problem.

City Limouzines has been in the news after one of its investors lodged a complaint with the Economic Offences Wing(EOW) of the Mumbai police, saying the company reneged on one of its promises. The Bombay high court quashed the FIR, but it was restored by the Supreme Court on an appeal by the state government.

The company collected crores of rupees from over 22, 000 investors, promising returns as high as 48%. The Enforcement Directorate had recently raided the company alleging foreign exchange violations.

Meanwhile, chairman of the company, Sayyed Masood, has filed an application with the metropolitan magistrate seeking permission to go abroad. The Bombay high court, while hearing the company's petition to quash the FIR, had directed Masood to deposit Rs 55, 000 in the court before travelling overseas. Additional commissioner of EOW Sanjay Saxena told TOI that the police would oppose the application as several investors have now come forward with complaints of cheating.

The company has also moved the high court seeking a stay on any prosecution in cheque bouncing cases registered against it. Besides, one of its sister concerns, City Realcom, has filed a company application seeking restructuring of debts. As per the court's orders, the company will hold a meeting of the creditors. Saxena said the police has requested the state government to appoint a special public prosecutor to intervene if required in matters related to City Limouzines or its sister concerns. var zz=0;var sldsh=0; var bellyaddiv='';var wid;var im; var stindex=100; var stp=150; var taglen=0; var tmp; var tagcheck= new Array("div", "span", "br", "font", "a"); var storycontent= document.getElementById("storydiv").innerHTML; var firstpara= storycontent.substring(0, storycontent.toLowerCase().indexOf("

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*CITY GROUP COLLAPSED-CRASHED WE INVESTERS ARE CHEATED AND LOST OUR MONEY

MASOOD IS TRYING TO RUN OUT OF INDIA, SURELY HE WILL RUN AWAY EITHER TODAY OR NEXT COMMING DAYS/WEEK.

THE FRAUD-SCAM IS OVER(ONCE THERE WAS DAWOOD NOW IT'S MASOOD)*