Lucknow: The Enforcement Directorate (ED) has intensified its probe into the Shine City real estate scam, uncovering a vast network of agents through whom scam proceeds were funneled and laundered into property acquisitions across multiple states. The scam, orchestrated by Shine City Infra Project Pvt Ltd, allegedly defrauded thousands of investors by luring them with promises of premium real estate projects and high returns.
Properties Purchased Across Multiple Districts and States
Investigators revealed that Rashid Naseem, the fugitive director of Shine City who fled to Dubai, had acquired multiple properties in the names of his close associates and agents. These include properties in Lucknow, Hardoi, Prayagraj, Sitapur, Barabanki, Azamgarh, and also in Delhi and Mumbai. According to ED sources, these assets were bought using diverted investor funds, camouflaged through layer-by-layer transactions handled by regional agents.
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The ED had previously seized Rs 55.07 lakh from an account belonging to Mohd. Javed, a resident of Prayagraj, believed to be one such agent. Investigations are now focused on uncovering properties allegedly bought in his name or by others using similar tactics.
Network of Agents Under ED Radar
The agency has already arrested Shashi Bala, an associate from Hardoi, who was allegedly involved in attempting to sell off Shine City’s undisclosed assets. Following this, the ED conducted searches at 23 locations tied to Rashid Naseem’s network of agents and associates. Sources indicate that at least two more agents based in Lucknow are under the scanner and may be summoned soon for questioning.
These developments stem from a detailed forensic audit of transactions and property registrations linked to the company and its former leadership. So far, ED has managed to seize properties and bank deposits valued at over ₹264.10 crore, and the figure is expected to rise as investigations continue.
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Nationwide Scam With Widespread Impact
The Shine City scam is one of the largest real estate frauds to hit Uttar Pradesh in recent years. Investors from both urban and rural areas were duped under the guise of township development and attractive investment schemes. With Rashid Naseem still at large, the ED’s actions are focused on recovering laundered funds and identifying accomplices who facilitated the fraud under corporate cover.
Authorities are coordinating with state police and financial intelligence agencies to ensure that assets traced to the scam are frozen or confiscated under the Prevention of Money Laundering Act (PMLA). Parallel efforts to extradite Naseem from Dubai are also being considered.