Showman Group's MD arrested in SIES cheating case

The managing director of the Showman Group was arrested here for allegedly cheating the South Indian Education Society (SIES) trust to the tune of Rs 57 crore, police said today.
Mohammed Fasihuddin, MD of Showman Group, was arrested yesterday in a 57-crore cheating case, registered by a representative of the SIES, Deputy Police Commissioner, Mahesh Patil said.
"The accused was produced before a court which remanded him to police custody till July 8," Patil added.
According to Patil, Fasihuddin and his associates had fraudulently withdrew fixed deposits of the Matunga-based SIES and a major portion of the money that had been syphoned off ended up in the accounts of the accused's firm.

"This is the second arrest in the case. Earlier, Fasihuddin's associate Anil Pawar was held in this case," Patil added.
According to police, Fasihuddin and his associates had approached the SIES with the promise of helping the cash-rich trust get attractive returns on fixed deposits with nine nationalised banks.
After the SIES fell to his trap and deposited the cash in the banks, he and his associates fraudulently withdrew the money and deposited it into accounts belonging to his company, through various other bank accounts, DCP Patil said.
"Some more persons are wanted in this case and further probe is on," Patil added.