Durga Prasad was taken into custody by the Directorate of Enforcement (ED) on November 12, 2023, about an ongoing investigation concerning money laundering in the Shine City fraud case, which is being conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The Uttar Pradesh Police had filed about 250 FIRs against Rasheed Naseem and the Shine City Group of Companies; in these cases, the public had been deceived into investing a substantial sum of money (roughly Rs. 800-1000 Crore), promised enormous returns on the investment, and ultimately had been defrauded by the defendants through fraud. The ED’s inquiry was predicated on these FIRs.
The Shine City network of firms employed a large number of agents, according to the ED investigation, who were hired to entice investors and assist Rasheed Naseem and Shine City in generating proceeds from criminal activity. The proceeds of crime were also moved to numerous additional businesses and individuals, according to ED investigation. One of the principal brokers working for the Shine City network of enterprises was Durga Prasad, who possessed and bought over 100 properties. The proceeds of crime were used to buy these properties.
On December 11, 2023, Durga Prasad was taken into custody. On December 12, 2023, he appeared before the Special Judge (SPE / CBI) (Special Court for PMLA Cases), located in Lucknow. The Honorable Court has given ED custody from December 18, 2023, for six days.
In this case, there have been three arrests. Earlier, on November 25, 2023, and November 30, 2023, the ED had detained a Mrs. Shashi Bala and Abhishek Kumar Singh. As a result of the ED probe, properties valued at Rs. 128 crore have been attached, and during the search action, damning papers have been gathered.
Durga Prasad was taken into custody by the Directorate of Enforcement (ED) on November 12, 2023, about an ongoing investigation concerning money laundering in the Shine City fraud case, which is being conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The Uttar Pradesh Police had filed about 250 FIRs against Rasheed Naseem and the Shine City Group of Companies; in these cases, the public had been deceived into investing a substantial sum of money (roughly Rs. 800-1000 Crore), promised enormous returns on the investment, and ultimately had been defrauded by the defendants through fraud. The ED’s inquiry was predicated on these FIRs.
The Shine City network of firms employed a large number of agents, according to the ED
investigation, who were hired to entice investors and assist Rasheed Naseem and Shine City in generating proceeds from criminal activity. The proceeds of crime were also moved to numerous additional businesses and individuals, according to ED investigation. One of the principal brokers working for the Shine City network of enterprises was Durga Prasad, who possessed and bought over 100 properties. The proceeds of crime were used to buy these properties. On December 11, 2023, Durga Prasad was taken into custody. On December 12, 2023, he appeared before the Special Judge (SPE / CBI) (Special Court for PMLA Cases), located in Lucknow. The Honorable Court has given ED custody from December 18, 2023, for six days.
In this case, there have been three arrests. Earlier, on November 25, 2023, and November 30, 2023, the ED had detained a Mrs. Shashi Bala and Abhishek Kumar Singh. As a result of the ED probe, properties valued at Rs. 128 crore have been attached, and during the search action, damning papers have been gathered.
