Economic Fraud
Ponzi Investment Scheme: ED Attaches Properties Worth Rs 32 Crore Of Shine City companies
NEW DELHI: The directorate of Enforcement (ED) has attached lands worth over Rs 32 crore owned by Shine city companies across Uttar Pradesh.
According to the officials, the properties were located in Sultanpur, Jhansi, Pratapgarh, Pindra (Varanasi), Bara (Allahabad), and Bakshi Ka Talaab (Lucknow), which measure a total of 41.629 The land is worth about Rs.31.24 crore, and a residential plot in Lucknow that belongs to Amitabh Kumar Srivastava and is worth Rs.23.70 lakhs has been provisionally attached.
UP Police has filed several FIRs and complaints against M/s Shine City Infra Project Pvt. Ltd. Rashid Naseem, Asif Naeem, Amitabh Kumar Srivastava, and others were charged with defrauding the public. They lured the public into investing in the company’s enticing schemes and then cheated them with their money. At this point in the investigation, the amount of money made from the crime is about Rs 80.78 Crore.
The ED had already seized several Shinecity Group companies’ properties in Lucknow and Varanasi. So far, the total property seized in the case is about Rs. 49 Crore. Investigating agencies are further examining the case.
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According to an investigator, Shine City and other related companies bought large chunks of land from farmers and split them up into smaller plots to sell. But even though a lot of people put money into the company’s plans, they couldn’t get the land or get their money back.
The officer said that Shine City companies had also bought and sold land in other places, like Uttar Pradesh, Bihar, and West Bengal. To find out more about the land properties, the relevant property registration authorities are being asked for information and sale deeds.
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