ED to attach Prayagraj-based properties of Shine City in money laundering case

A senior ED official said that Shine City’s Koraon-based properties will be attached under the Prevention of Money Laundering Act.

PRAYAGRAJ: Preparing to take staunch action against Shine City director Rashid Naseem, who has been booked in several fraud cases running into crores, the Enforcement Directorate (ED) has sought details of the properties of his real estate company in Prayagraj’s Koraon area from the Uttar Pradesh revenue department.

In Prayagraj alone, dozens of cases have been registered against Shine City. (PIC FOR REPRESENTATION)

A senior ED official said that Shine City’s Koraon-based properties will be attached under the Prevention of Money Laundering Act. ED is also carrying out investigations into other properties owned by Rashid Naseem and his kin, the official added.

In Prayagraj alone, dozens of cases have been registered against Shine City, its director Rashid Naseem, his kin and associates at the Civil Lines police station. To facilitate the ED’s probe into these cases, the revenue department is scanning details of the properties in question.

So far, investigations have revealed that over five hectares of land in Koraon’s Unchdih area was purchased in name of one Shamshad Ansari of Stanley Road in Civil Lines. It is alleged that besides Shine City, other firms of Rashid Naseem were also involved in duping people under the pretext of booking flats. Some of these “fraudulent” companies are -- Arise Infra Properties Limited, Shine City Reliable Services, Shine City Colonizers, Shine City Construction Private Limited, Shine City Developers, Shine City Erectors, Shine Join Private Limited, Shine City Infra Project, Shine Real estate, Shine Properties, Shine Realtors, Shine Shares, and Shine Greencase, among others.

These real estate companies were used to dupe people and lure them into investing money with the promise of good returns, according to the probe. As per details of properties in Koraon Tehsil, Shine City Builders Private Limited purchased 5,707 hectares of land in four parts in December 2015 in name of Shamshad Ansari.

Police have arrested many associates of Rashid Naseem and employees of the Shine City group who were involved in luring people into making investments in real estate, jewelry business, and others. Rashid’s brother was also arrested by police from a hotel in Rajasthan. However, Rashid himself continues to be at large. He is believed to be hiding in Dubai.