September 17 2016
The Enforcement Directorate (ED) has attached over Rs 91 crore kept in a Singapore bank in connection with a money laundering probe in a Mumbai-based ponzi scam case.
The amount, which was attached under the provisions of the Prevention of Money Laundering Act (PMLA) pertains to the City Limousine chit-fund case. A probe is underway against the Chairman of chitfund Sayed M Masood, for floating illegal ponzi schemes by promising extraordinary returns. Officials said the agency carried out the action with the help of their Singaporean counterparts and attached “Rs 91.3 crore in foreign currency in Singapore bank accounts”.