Chairman of City Limouzine Group,Sayyed Masood,accused of cheating several investors,informed the Bombay High Court on Tuesday that he was willing to return money to investors but requested the court not to dispose his properties that have been sealed by the Mumbai Police. Masood has several cases registered against him in different parts of the country. Appearing for Masood,advocate Waris Pathan said,Masood never intended to dupe investors and wants to repay their money. He is also willing to formulate a strategy along with the investors to return their money. Hearing a petition filed by City Group Investors association,a division bench of Justices B H Marlapalle and U D Salvi observed that the court cant order the investigating agency to dispose properties of the accused in the state as it would cause prejudice against other investors from other parts of the country. Appearing for the association,lawyer Mubin Solkar contended that the court should formulate a way directing Masood to repay the amount. However,Masood opposed the plea saying that the trial against him was pending and it would be the trial courts decision on how to compensate the investors. The bench said,Both the accused and the investors have to come together and formulate a strategy. The hearing has been adjourned till November 18. Over 25,000 people have been allegedly duped by Masood and other directors of the company,which had promised high returns on their investments. The Economic Offenses Wing (EoW) of the Mumbai Police has registered several cases against Masood and his 25 properties and 56 bank accounts have been frozen. The Enforcement Directorate (ED) is also investigating the investments made by the accused in different ventures.
