ED Strikes Again: Prosecution Launched in ₹128 Crore Shine City Fraud Case
(Judicial Quest News Network)
Delhi, 19, June 2024-The Directorate of Enforcement (ED), Lucknow Zonal Office, has escalated its battle against financial fraud with a bold move. On 24.04.2024, ED filed a Prosecution Complaint (PC) before the Hon’ble Special Court (PMLA), Lucknow, Uttar Pradesh, targeting the notorious Shine City Fraud. This marks the second PC in this high-profile case, with the court officially recognizing the charges on 10.06.2024.
Initiated following approximately 554 FIRs lodged by Uttar Pradesh Police, the ED’s investigation delved into the labyrinth of deceit orchestrated by Rasheed Naseem and the Shine City Group of Companies. Unearthing a complex web of Ponzi-pyramid schemes masquerading as real estate investments, ED uncovered how funds siphoned from unsuspecting investors flowed into illicit property purchases, totalling a staggering ₹128 Crore.
Prior operations under the PMLA, 2002 spanned 18 locations across Lucknow, Varanasi, Allahabad, Mumbai, and Delhi, yielding crucial digital evidence and incriminating documents. The ED’s rigorous pursuit led to the arrest and subsequent custodial interrogation of key figures, including Mrs. Shashi Bala, Abhishek Singh, and others, exposing their deep involvement in money laundering.
Now, ED has set its sights on Asif Naseem, Rashid Naseem, Amitabh Kumar Srivastava, Mrs. Meera Srivastava, and 11 entities associated with Shine City Group, filing a decisive Prosecution Complaint to bring them to justice.
