The Directorate of Enforcement (ED) has taken action by provisionally attaching assets valued at Rs. 17.92 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. This action is part of an ongoing case against M/s Shine City Properties Ltd and other entities.
The attached assets comprise 47 parcels of land covering 10.27 Hectares situated in the Rajatalab Tehsil of Varanasi District, Uttar Pradesh.
The ED’s investigation was initiated based on various FIRs filed by the UP Police across the state. These FIRs alleged that the company, along with the accused individuals, engaged in deceiving the public on a large scale by enticing them to invest in enticing schemes offered by the company.
Upon thorough investigation, the ED uncovered evidence suggesting that the funds collected from the public were diverted by the accused, resulting in a fraudulent scheme that victimized investors. Prior to this recent action, the ED had already attached various immovable properties with a cumulative value of Rs. 110.62 Crore. These properties were associated with individuals like Rashid Naseem, Asif Naseem, Amitabh Kumar Srivastava, Meera Srivastava, and various Shine City Group companies.
The total quantum of attachment in this case now stands at approximately Rs. 128.54 Crore. The ED continues its comprehensive investigation into the matter, with further developments expected as the probe progresses.
