ED attaches Rs 116 cr kept in Singapore bank

July 07, 2015 22:59

In a major success in black money probe, the Enforcement Directorate (ED) has successfully attached around Rs 166 crore kept in a Singapore bank in connection with money laundering probe in a city-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 chitfund case and a probe was underway against the Chairman of chitfund, Sayed M Masood for floating illegal ponzi schemes by promising extraordinary returns.

"The agency has attached USD 26.3 million (about Rs 166 crore as of today) lying in the Singaporean bank account of Ms Optimum Finance Ltd in connection with City Limousine Ponzi scheme case. This is a major achievement vis-a-vis overseas money laundering and financial crimes probe," sources said.

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