LUCKNOW Four officials, including the country head and managing director of a real estate and multi-level marketing company, were arrested by the Special Task Force (STF) here on Wednesday for allegedly duping investors of crores.
The company’s key operator had fled from India a year ago and was stated to be operating from a Gulf country, said police.
The arrested accused were identified as India head of Shine City and Sky Ocean Companies, its managing director Ankit Kumar Singh and two other authorities, Mohd Faizan and Subash Tukram Devkate, said officials.
In a press note shared by the UP STF, officials stated that the two companies floated by the firm’s chief managing director, Rashid Naseem, had disappeared after collecting crores of rupees from gullible investors in the name of providing plots at cheap rates. The investors were also lured into making quick money through multi-level marketing and investment schemes.
As many as 2,500 FIRs were registered against Rashid Naseem, his associates and the companies in different cities across many states including UP, Madhya Pradesh, Jharkhand, Bihar and Delhi, read the press note.
A senior STF official said the arrest of the country head of the company and three others was in connection with an FIR of fraud and cheating lodged against them at Gauriganj police station of Amethi district in 2019.
{{/usCountry}}A senior STF official said the arrest of the country head of the company and three others was in connection with an FIR of fraud and cheating lodged against them at Gauriganj police station of Amethi district in 2019.
{{/usCountry}}He said, that he alone had got ₹75 crore invested in the company between 2017 and 2019 and got 6% commission from it. He also went to Dubai in March 2020 to meet Rashid Naseem and held a meeting there.
The officials said the enforcement directorate had already registered a case of money laundering against the company and its operators in 2019, after multiple FIRs of financial fraud were registered against them.