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Shine City money laundering case: ED arrests three in Lko, gets 7 days police custody
The three were subsequently produced before the special court for PMLA cases, Lucknow, and the Court has granted their custody remand for seven days till April 16
Enforcement Directorate (ED), Lucknow Zone, has arrested three people, Asif Naseem, Amitabh Kumar Srivastava and Meera Srivastava, on Tuesday, in connection with an investigation under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in a case of Shine City fraud, senior ED officials said.
They further said that the three were subsequently produced before the special court for PMLA cases, Lucknow, and the Court has granted their custody remand for seven days till April 16.
In a press note to the media, ED officials said the investigation under PMLA Act was initiated in the Shine City fraud case based on approximately 250 FIRs registered by Uttar Pradesh Police against Rasheed Naseem, his younger brother Asif Naseem and Shine City Group of Companies, wherein they had collected approximately ₹800-1000 crore from the public.
They said the fraudsters cheated in the name of investment and promised huge returns on the investment and finally cheated the investors by way of committing fraud.
They said the ED investigation revealed that Naseem, Amitabh and Meera are the main accused and directors of Shine City group of companies, who lured investors, collected money and cheated them. They said the investigation also revealed that the proceeds of crime were transferred to various other companies controlled by them and individuals close to them.
They said Naseem is director in 20 companies of Shine City group of companies which received the money and proceeds of the crime and the same was used to purchase land. They said Amitabh and Meera have collected ₹ 22 crore in the bank account of company M/s Kingston Build Con Pvt. Ltd and used the proceeds of crime to purchase land and other personal assets. They said the assets purchased and held by them have been attached.
In this case, earlier, the ED had conducted searches on 18 premises on 24-11-2023 and seized various incriminating documents. ED investigation till now has resulted in attachment of properties worth ₹128 crore. Earlier, the ED had arrested Shashi Bala, Abhishek Singh, Durga Prasad and Udhaw Singh, who are currently in judicial custody while further investigation is under progress.
