Mumbai: Chairman of tainted investment company City Group S M Masood has invested Rs 25 crore in three slum redevelopment projects, enforcement directorate (ED) officials said. The ED on Wednesday searched three premises belonging to the builder.
The projects are at a nascent stage and being undertaken in Kurla, officials said. “We believe Masood has parked money collected from investors with builders. We are also probing whether Masood was a partner in the project or just financed it,” the official said. The ED will also question the builder.
City Group collected over Rs 1,000 crore from the public and promised 48% returns. Masood was booked for money laundering and arrested last Friday.
Courtesy:
TIMES NEWS NETWORK
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