ED Cracks Down on Shine City Real Estate Firm, Attaches Properties Worth Rs 31 Crore
The Enforcement Directorate (ED) has provisionally attached properties worth Rs 31.74 crore of Shine City Properties Ltd under the Prevention of Money Laundering Act (PMLA), 2002.
Money LaunderingPrevention Of Money Laundering ActReal EstateEnforcement DirectoratePonzi SchemeReal Estate NewsJun 28, 2024
The attached properties include movable assets such as luxury cars, jewellery, and cash worth Rs 1.42 crore, as well as immovable properties including two residential flats in Mumbai and Lucknow, 21 commercial shops in Surat and Mumbai, a commercial office space, and a commercial plot in Lucknow, and 60 parcels of agricultural land in Bakshi ka Talab, Mohanlal Ganj, and Lucknow, worth Rs 30.32 crore.
The ED initiated its investigation based on approximately 554 FIRs registered by the Uttar Pradesh Police against Rasheed Naseem and the Shine City Group of Companies. The investigation revealed that the accused persons, associates, and promoters incorporated several companies and collected funds from the public under the guise of investment in the real estate sector and other attractive schemes.
Further investigation revealed that the funds collected from the customers were layered, transferred, and diverted to various directors/promoters/associates of the group, who then utilized the funds to purchase luxury cars, residential plots, flats, commercial plots, shops, and office space, as well as agricultural lands in the name of a benami person.
The ED had previously conducted searches at 18 locations in Lucknow, Varanasi, Allahabad, Mumbai, and Delhi, recovering and seizing several digital devices, incriminating documents, and details of properties that were proceeds of crime. The ED had earlier identified and attached various immovable properties worth Rs 128.54 crore. The total attachment made so far in this case is approximately Rs 160.28 crore.
Seven accused individuals, including Shashi Bala, Abhishek Singh, Durga Prasad, Uddhav Singh, Asif Naseem, Amitabh Srivastava, and Meera Srivastava, have been arrested and interrogated, revealing their involvement in the offence of money laundering.
Information
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and fighting economic crimes in India. It is responsible for investigating and prosecuting cases of money laundering, foreign exchange violations, and other economic offences.
About Shine City Properties Ltd
Shine City Properties Ltd is a real estate firm that has been accused of running a Ponzi scheme, defrauding innocent investors of their hard-earned money. The company has been accused of collecting funds from the public under the guise of investment in the real estate sector and other attractive schemes, and then diverting the funds to various associates and promoters.
The Enforcement Directorate (ED) is a premier law enforcement agency responsible for enforcing economic laws and fighting economic crimes in India. It is headed by a Director-General, who is responsible for overseeing the investigation and prosecution of cases of money laundering, foreign exchange violations, and other economic offences.
Keywords Prevention of Money Laundering Act, PMLA, Enforcement Directorate, ED, Shine City Properties Ltd, real estate, money laundering, Ponzi scheme-Javadoc
Frequently Asked Questions
What is the total value of properties attached by the ED in this case?
The total value of properties attached by the ED in this case is approximately Rs 160.28 crore.
How many FIRs were registered by the Uttar Pradesh Police against Rasheed Naseem and the Shine City Group of Companies?
Approximately 554 FIRs were registered by the Uttar Pradesh Police against Rasheed Naseem and the Shine City Group of Companies.
What is the name of the law enforcement agency responsible for enforcing economic laws and fighting economic crimes in India?
The Enforcement Directorate (ED) is the law enforcement agency responsible for enforcing economic laws and fighting economic crimes in India.
What is the purpose of the Prevention of Money Laundering Act (PMLA), 2002?
The Prevention of Money Laundering Act (PMLA), 2002 is a legislation aimed at preventing and combating money laundering in India.
How many accused individuals have been arrested and interrogated by the ED in this case?
Seven accused individuals have been arrested and interrogated by the ED in this case.
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