The Enforcement Directorate (ED) has provisionally attached properties worth Rs 17.92 crore belonging to Shine City Properties Ltd under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include 47 parcels of land spanning 10.27 hectares in Rajatalab Tehsil, Varanasi. The ED had registered a case under PMLA against Shine City Properties in 2021 and the investigation uncovered alleged financial irregularities wherein funds collected from the public were diverted by the accused, leading to investor fraud. The total attachment in the case by the ED has reached approximately Rs.128.54 crore.
The Enforcement Directorate (ED) has provisionally attached properties worth Rs 17.92 crore belonging to Shine City Properties Ltd under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include 47 parcels of land spanning 10.27 hectares in Rajatalab Tehsil, Varanasi.
The ED had registered a PMLA case against Shine City and its directors, including Rasheed Naseem, Asif Nafees, and Javed Iqbal, in 2021. The investigation revealed that Shine City and related companies bought lands from farmers in larger chunks and sold the same in various smaller chunks in the form of plots. However, a multitude of investors despite investing in the schemes of the company could neither get the land nor get their money back.
The case has seen previous attachments of immovable properties, bringing the total attachment in the case to approximately Rs.128.54 crore. These assets were held in the names of individuals like Rashid Naseem, Asif Naseem, Javed Iqbal, Amitabh Kumar Srivastava, Meera Srivastava, and several Shine City Group companies.
The PMLA is a criminal law enacted to prevent money laundering and to provide for confiscation of property derived from, or involved in, money-laundering. The ED conducts investigation to trace the assets derived from proceeds of crime and provisionally attaches the property and to ensure prosecution of the offenders and confiscation of the property by the Special court.
The ED's decision to provisionally attach assets is grounded in the objective of preventing further misuse of funds and ensuring that any subsequent legal proceedings can be executed smoothly. The individuals implicated, including Rasheed Naseem, Asif Nafees, and Javed Iqbal, face not only the provisional attachment of properties but also legal consequences as the investigation progresses.
This case serves as a reminder of the importance of regulatory bodies in ensuring financial transparency and protecting the interests of investors. The ED's actions against Shine City Properties Ltd contribute to the ongoing efforts to maintain the integrity of the financial system, seeking justice for those who may have suffered financial losses due to the purported diversion of funds and ensuring accountability of the people engaged in fraudulent activities.
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