The chief of City Limouzines, S M Masood, who was arrested recently by the Economic Offences Wing (EOW) of Mumbai police for duping thousands of people, had diverted sizeable chunks of the scam money into Bollywood films as investments.
Masood has told EOW interrogators that he put up to Rs 1 crore in various films depending on the production house. They said some of the films he put in his investors' money in were Shah Rukh Khan-starrer Chak De! India and Sholay remake Ram Gopal Verma Ki Aag.
Investigators say the money was invested in different ways - as a partner of the production house for promotion of the films or as a sponsor of certain parts of the film's infrastructure. "Sometimes, he only sponsored the posters," said an EOW officer. The EOW will now verify the details of the investments from the producers of the films.
An officer said, "He has taken the name of films in which he invested between Rs 10 lakh and Rs 1 crore.
"He says he did this to build goodwill for the company. He says his company's name is mentioned in certain promotional materials. We're investigating and will call the producers of the films for questioning. Some are big production houses, and some are small B-grade films."
Sanjay Saxena, the Additional Commissioner of Police (EOW), declined to elaborate on Masood's investments in films, but said, "We are investigating the utilisation of investors' money by him in various sectors."
Yash Raj Films, which produced Chak De! India, confirmed City Limouzine's association with the film.
"YRF does not get investors for its movies from outside. However, after the film's release, there was an advertising fee that was charged at the time of release of the VCD of the movie towards the insertion of their (City Limouzines's) ad as sponsors of the women's hockey team.
The amount given was approximately Rs 35 lakh." City Limouzines was the official sponsor of the India's women's hockey team from 2006 to 2009.
When contacted, a spokesperson from Reliance Big Picture, which produced Ram Gopal Verma Ki Aag, said no money had been taken from City Limouzines in the production of the film.
Masood owes Postal Department Rs 20 lakh
These films are only a part of the investigation into the company's transactions. It has been found that Masood, apart from duping some advertising agencies and other firms that provided services to his company, also held back Rs 20 lakh of money owed to the Indian Postal Department.
City Limouzines had an agreement with the postal department for bulk posting of cheques to investors. While interrogating Masood, EOW found that he had created immovable properties worth Rs 170 crore across Maharashtra and elsewhere. "Most of his properties - in the form of flats and office space - are in Mumbai and Pune. He has bought four or five flats and several offices in south Mumbai and western suburbs," said an officer.
Cigarette addiction did him in
Masood did not give all this information readily. It was his addiction to smoking that did him in. After EOW took him in custody, he was not allowed to smoke at all. Sources said he sailed through interrogations for the first couple of days, but his craving for cigarettes finally got the better of him.
Courtesy:
MUMBAI MIRROR Feb 21, 2010, 11.37am IST
http://articles.timesofindia.indiatimes.com/2010-02-21/news-interviews/28119452_1_yash-raj-films-eow-producers
Masood has told EOW interrogators that he put up to Rs 1 crore in various films depending on the production house. They said some of the films he put in his investors' money in were Shah Rukh Khan-starrer Chak De! India and Sholay remake Ram Gopal Verma Ki Aag.
Investigators say the money was invested in different ways - as a partner of the production house for promotion of the films or as a sponsor of certain parts of the film's infrastructure. "Sometimes, he only sponsored the posters," said an EOW officer. The EOW will now verify the details of the investments from the producers of the films.
An officer said, "He has taken the name of films in which he invested between Rs 10 lakh and Rs 1 crore.
"He says he did this to build goodwill for the company. He says his company's name is mentioned in certain promotional materials. We're investigating and will call the producers of the films for questioning. Some are big production houses, and some are small B-grade films."
Sanjay Saxena, the Additional Commissioner of Police (EOW), declined to elaborate on Masood's investments in films, but said, "We are investigating the utilisation of investors' money by him in various sectors."
Yash Raj Films, which produced Chak De! India, confirmed City Limouzine's association with the film.
"YRF does not get investors for its movies from outside. However, after the film's release, there was an advertising fee that was charged at the time of release of the VCD of the movie towards the insertion of their (City Limouzines's) ad as sponsors of the women's hockey team.
The amount given was approximately Rs 35 lakh." City Limouzines was the official sponsor of the India's women's hockey team from 2006 to 2009.
When contacted, a spokesperson from Reliance Big Picture, which produced Ram Gopal Verma Ki Aag, said no money had been taken from City Limouzines in the production of the film.
Masood owes Postal Department Rs 20 lakh
These films are only a part of the investigation into the company's transactions. It has been found that Masood, apart from duping some advertising agencies and other firms that provided services to his company, also held back Rs 20 lakh of money owed to the Indian Postal Department.
City Limouzines had an agreement with the postal department for bulk posting of cheques to investors. While interrogating Masood, EOW found that he had created immovable properties worth Rs 170 crore across Maharashtra and elsewhere. "Most of his properties - in the form of flats and office space - are in Mumbai and Pune. He has bought four or five flats and several offices in south Mumbai and western suburbs," said an officer.
Cigarette addiction did him in
Masood did not give all this information readily. It was his addiction to smoking that did him in. After EOW took him in custody, he was not allowed to smoke at all. Sources said he sailed through interrogations for the first couple of days, but his craving for cigarettes finally got the better of him.
Courtesy:
MUMBAI MIRROR Feb 21, 2010, 11.37am IST
http://articles.timesofindia.indiatimes.com/2010-02-21/news-interviews/28119452_1_yash-raj-films-eow-producers
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