Enforcement Directorate, Lucknow Zonal Office seized property worth INR 31 crore belonging to Shine City Group, including movable properties and immovable properties. Based on 554 first information reports registered by Uttar Pradesh Police, the ED initiated an investigation that revealed that the accused individuals duped the public with a ponzi-scheme and collected funds. These funds, collected under the guise of real estate investments, were used by associates to purchase several assets, including agricultural lands anonymously. Currently, the ED has arrested seven accused and confirmed their involvement in the crime during custodial interrogation.
The Directorate of Enforcement, Lucknow Zonal Office, on June 28, temporarily seized property worth INR 31.74 crore owned by M/s Shine City Properties Ltd. under the Prevention Money Laundering Act 2002.
The seized properties include movable properties - luxury cars, jewellery and cash worth INR 1.42 Cr - and immovable properties - two residential flats at Mumbai and Lucknow, 21 commercial shops at Surat and Mumbai, a commercial office space and a commercial plot at Lucknow, 60 parcels of agricultural land at Bakshi ka Tala, Mohanlal Ganj and Lucknow worth INR 30.32 crore.
According to a media report, the ED began investigating based on 554 first investigation reports registered by Uttar Pradesh Police against Rasheed Naseem and Shine City Group of Companies.
Upon investigation, it was found by the ED that the accused individuals, their associates, and promoters duped the public with a ponzi scheme. They allegedly collected funds under the guise of investment in the real estate sector and other attractive schemes, as reported by the media.
Additionally, the ED traced the fund trail and discovered that the money collected from the public was layered, transferred and diverted to individuals involved in the fraud. These diverted funds were used by associates to acquire luxury cars, residential plots, flats, commercial plots, shops, office space and agricultural lands anonymously.
In previous searches, the ED seized several digital devices and evidence regarding the offence of money laundering and details of properties involved in the crime at 18 locations in Lucknow, Varanasi, Allahabad and Delhi. It had also identified and seized various immovable properties worth INR 128.54 crore.
So far, the ED has arrested and conducted custodial interrogation revealing the involvement of seven accused - Shashi Bala, Abhishek Singh, Durga Prasad, Uddhav Singh, Asif Naseem, Amitabh Srivastav and Meera Srivastav.
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