The Directorate of Enforcement (ED) has temporarily attached the number of immovable properties in the form of lands in Sultanpur, Jhansi, Pratapgarh, Pindra (Varanasi), Bara (Allahabad), and Bakshi Ka Talaab (Lucknow) in the names of Shinecity companies, namely Shinecity Infraprojects P Ltd., Shinecity Proxima Developers P Ltd., Shinecity Shapers P Ltd The land is estimated to be worth Rs. 31.24 crores, while a residential plot in Lucknow registered in Amitabh Kumar Srivastava’s name, valued at Rs. 23.70 lakhs, has also been temporarily attached.
Initiated by the UP Police, the PMLA investigation was based on a number of FIRs and complaints against M/s Shine City Infra Project Pvt. Ltd., Rashid Naseem, Asif Naeem, Amitabh Kumar Srivastava, and others for defrauding members of the public by enticing them to invest in a number of lucrative schemes offered by the company and taking their money in return. At this point in the inquiry, there are around Rs. 80.78 crores worth of proceeds from crime.
According to a PAO Order dated 3.11.2022, the ED has previously attached a number of real estate properties in the name of Shinecity Group entities in Varanasi and Lucknow. Approximately Rs. 49 crores worth of attachments have been made so far in the case. The probe is being expanded upon.
