Used scam money to buy Goa hotel, book 7 flats: Fasih
Mohammed Fasih, the Showman Group chief currently in custody of Mumbai Police’s Economic Offences Wing (EOW) for his alleged involvement in a multi-crore fixed deposits scam, has claimed that he invested part of the scam money in purchasing a hotel in Goa.
Fasih was arrested after EOW investigations revealed that the money siphoned from the South Indian Education Society (SIES) fixed deposits ended up in Showman Group’s bank accounts.
According to EOW investigators, Fasih during interrogation claimed that one of the three hotels in Goa owned by Showman Hospitality was purchased from funds accumulated through the fixed deposits cash credit loan. The Showman Group owns three hotels in Goa -- Morjim Bay, Our Shack and Sheesh Mahal lounge.
Fasih also said he had booked seven flats in Ghatkopar in the past one year, and had paid close to Rs one crore as booking money for the apartments, which also came from the scam money, EOW sources said.
Besides these, Fasih claimed he has also invested in purchasing rights to regional movies, which he intended to sell to television channels after dubbing them in Hindi.
Mumbai Police spokesperson, DCP Mahesh Patil, confirmed that Fasih had told interrogators about investment of the scam money in a hotel, real estate and films.
Sources said at least four more suspects, who were involved in siphoning fixed deposits, were still at large and efforts are now on to track them. “Some of them escaped a week ago and we suspect they were alerted by the police action. These suspects are crucial since they have knowledge of circulation of the scam funds,” sources said.
The EOW booked Fasih, who owns Sheesha Sky Lounge in Andheri, after its investigation found his employees had withdrawn money from SIES fixed deposits in nationalised banks and deposited it in his company’s bank accounts.
One of Fasih’s associates had approached SIES promising to help the cash-rich society get attractive returns on fixed deposits with nine nationalised banks. Fasih and his associates then used these deposits to open cashcredit facilities.
Fasih and his men then withdrew all the money and deposited it in accounts belonging to his company after routing it through several other fake accounts. The EOW has now frozen more than 30 bank accounts through which the money was moved — most of them belonging to the Showman Group.
The EOW informed a local court at the time of his arrest that Fasih was suspected of misappropriating Rs 4.37 crore, withdrawn against a Rs 5-crore SIES fixed deposit in Vijaya Bank’s Lokhandwala branch.
Sources said Fasih is also suspected to have cheated the Mahalaxmi Temple and ABVM School Trusts. The EOW is investigating how Rs 3 crore from the temple's FD account and Rs 7.5 crore from the school’s FD account ended up in Fasih’s bank accounts.
Fasih was arrested after EOW investigations revealed that the money siphoned from the South Indian Education Society (SIES) fixed deposits ended up in Showman Group’s bank accounts.
According to EOW investigators, Fasih during interrogation claimed that one of the three hotels in Goa owned by Showman Hospitality was purchased from funds accumulated through the fixed deposits cash credit loan. The Showman Group owns three hotels in Goa -- Morjim Bay, Our Shack and Sheesh Mahal lounge.
“Our job now is to find out which hotel was purchased using the scam money, and to establish the trail of funds so that we can initiate attachment of the property,” a Crime Branch officer said.
Fasih also said he had booked seven flats in Ghatkopar in the past one year, and had paid close to Rs one crore as booking money for the apartments, which also came from the scam money, EOW sources said.
Besides these, Fasih claimed he has also invested in purchasing rights to regional movies, which he intended to sell to television channels after dubbing them in Hindi.
Mumbai Police spokesperson, DCP Mahesh Patil, confirmed that Fasih had told interrogators about investment of the scam money in a hotel, real estate and films.
Sources said at least four more suspects, who were involved in siphoning fixed deposits, were still at large and efforts are now on to track them. “Some of them escaped a week ago and we suspect they were alerted by the police action. These suspects are crucial since they have knowledge of circulation of the scam funds,” sources said.
The EOW booked Fasih, who owns Sheesha Sky Lounge in Andheri, after its investigation found his employees had withdrawn money from SIES fixed deposits in nationalised banks and deposited it in his company’s bank accounts.
One of Fasih’s associates had approached SIES promising to help the cash-rich society get attractive returns on fixed deposits with nine nationalised banks. Fasih and his associates then used these deposits to open cashcredit facilities.
Fasih and his men then withdrew all the money and deposited it in accounts belonging to his company after routing it through several other fake accounts. The EOW has now frozen more than 30 bank accounts through which the money was moved — most of them belonging to the Showman Group.
The EOW informed a local court at the time of his arrest that Fasih was suspected of misappropriating Rs 4.37 crore, withdrawn against a Rs 5-crore SIES fixed deposit in Vijaya Bank’s Lokhandwala branch.
Sources said Fasih is also suspected to have cheated the Mahalaxmi Temple and ABVM School Trusts. The EOW is investigating how Rs 3 crore from the temple's FD account and Rs 7.5 crore from the school’s FD account ended up in Fasih’s bank accounts.
