In an ongoing investigation conducted by the terms of the Prevention of Money Laundering Act (PMLA), 2002 in a money laundering case involving Shine, the Directorate of Enforcement (ED) detained Udhaw Singh, also known as Sonu Singh, on December 21, 2023, City Swindle.
The ED opened an investigation based on about 250 First Information Reports (FIRs) against Rasheed Naseem and the Shine City Group of Companies that the Uttar Pradesh Police had filed. In these cases, the individuals had taken over Rs. 800-1000 Crore from the public as investments, made extravagant returns promises, and ultimately defrauded them through fraud.
After an ED investigation, it was discovered that Udhaw Singh had acquired enormous sums of money from the Shine City group of firms under pretences of commissions and advances for the acquisition of property. These funds were then used to purchase properties such as apartments and commercial spaces in several locations, including Uttar Pradesh, Gujarat, and Mumbai.
As a result of the ED investigation, properties valued at Rs. 128 crore have been apprehended, and during the search action on November 24, 2023, at eighteen locations connected to the accused and close associates of the mastermind, Rasheed Naseem, damning documents and electronic evidence have been gathered. Rasheed Naseem, the principal accused, is missing and may have gone to the United Arab Emirates.
Udhaw Singh was taken into custody on December 21, 2023, and on December 22, 2023, he appeared before the Special Judge (SPE / CBI) (Special Court for PMLA Cases), Lucknow. The Honorable Court has given ED custody from January 1, 2024, to January 10, 2024.
In this case, the ED has already detained Mrs Shashi Bala, Abhishek Singh, and Durga Prasad. This is the fourth arrest in this matter. Additional research is currently being conducted.
