ED attaches Shine City’s properties worth ₹31.24 cr in money laundering case
The STF estimates the money made by the accused through illegal means at ₹80.78 crore. The estimate is based on FIRs and complaints.
LUCKNOW: The enforcement directorate (ED) has attached several immovable properties of real estate developer Shine City and related companies under the Prevention of Money Laundering Act (PMLA) of 2002. The land plots -- worth ₹31.24 crore -- have been attached as part of the ongoing investigation, which was initiated after several FIRs and complaints against company operators Rashid Naseem, Asif Naeem, Amitabh Kumar Srivastava, and others.
Sharing further information, a senior ED official said that the properties attached are based in Sultanpur, Jhansi, Pratapgarh, Pindra (Varanasi), Bara (Allahabad), and Bakshi Ka Talab (Lucknow). Cumulatively, these properties add up to 41.63 hectares. The official added that the operators allegedly cheated the public by luring them to invest in various lucrative schemes while promising high returns. At this stage of the investigation, the STF estimates the money made by the accused through illegal means at ₹80.78 crore. The estimate is based on FIRs and complaints.
Earlier, the ED had attached various immovable properties of Shine City in the form of lands. These properties -- measuring 31.2 hectares -- were in Fatehpur, Raebareli, Kanpur, Jalaun, Gorakhpur, Manda (Allahabad). Their total value was an estimated Rs.10.59 crore. Also, nine residential premises to the tune of ₹7,03,66,750 in Lucknow and Varanasi were attached by the ED on November 3. So far, the ED has attached properties worth about ₹49.11 crore in the case.
As per probe findings, 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. He said Shine City companies had also acquired and sold land in other locations in Uttar Pradesh, Bihar, and West Bengal, among other states. The collection of the data and sale deeds from the respective property registration authorities is in progress to ascertain the details of the land properties.