The Enforcement Directorate has attached the Swiss bank accounts of Sayed Mohamed Masood, chairman of City Limouzine, and other group companies which are being investigated for alleged financial fraud, sources within the ED told TOI. This is the first such move under the Prevention of Money Laundering Act and possibly marks the dismantling of the Swiss wall of customer confidentially.
Experts say the move could also have implications for the fight against black money.
The Enforcement Directorate is investigating the City Group and Masood for alleged money laundering. The group had floated investment schemes offering high returns, as much as 48% in some cases.
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