Bail plea of City Limouzines chief rejected
- Mann Ki Baat: Every life lost in Kashmir is a loss to our nation, says PM Narendra Modi
- Our collective mistakes, mishandling, have pushed Kashmir youth to violence: Omar Abdullah
- Kashmir violence: 'Alternative' to pellets already in use, says CRPF affidavit
- ISRO successfully test launches scramjet engine from Sriharikota
- Sri Lanka: Still Counting the Wounds
Bombay High Court (HC) rejected Monday bail plea of Sayed Mohammed Masood, chairman of City Limouzines, who allegedly duped thousands of investors, observing that there were chances of the accused absconding and tampering with evidence.
Justice R C Chavan accepted the contention of the enforcement directorate (ED) that it was a Rs 500-crore scam and Masood had not appeared before the agency for questioning despite summons.
The court held that prima facie a case was made out against the accused and that investigation was still on and the accused could not be granted bail.
Masood was arrested by ED on December 16 last year. His companies ó City Limouzines and City Realcom ó had floated various schemes luring investors across the country by promising 48 per cent return on investments.
In 2009, the company shut operations and more than 42,000 cheques issued by it to investors were dishonoured.
Over 20 FIRs have been registered against the company in Mumbai, Karnataka, Rajasthan, Andhra Pradesh and Delhi for criminal conspiracy, cheating and breach of trust. Masood was booked by ED under Prevention of Money Laundering Act.
Telgi gets 7 years jail in fuel adulteration case
A special CBI court sentenced Monday Abdul Karim Telgi, kingpin of the multi-crore-rupee fake stamp paper racket, to seven years in jail in a petrol and diesel adulteration case.
With this, all cases against Telgi in Maharashtra have been concluded. "In December 2012, Telgi had pleaded guilty in this case," said special public prosecutor Pradeep Gharat.
- Public policy today, demands a bureaucracy less generalist
- Ironically, freedom of speech was first restricted to curb anti-Pakistan views
- Scorpene data leak underlines hazards of India’s dependence for military hardware
- Government has the opportunity to rein in food inflation on a sustainable basis
- PM Dahal must address coalition concerns, balance relations with India, China
- Dalits are angry about the hollowness of the current hyper-nationalism