ED Attaches Rs 74.16 Crore Properties in Shine City Scam

The Enforcement Directorate has provisionally attached Rs 74.16 crore worth of properties in the Shine City money laundering case. This follows investigations involving multiple FIRs against Shine City Group promoters. The attached assets include agricultural, residential, and commercial land used for real estate scams.

The Enforcement Directorate (ED) has taken significant action in the Shine City Group money laundering case, attaching properties valued at Rs 74.16 crore. The agency announced on Tuesday that the seized assets encompass 24 agricultural plots in Mohanlalganj, agricultural land in Barabanki, residential land in Barabanki, as well as commercial plots in Haryana.

According to an official release, these properties were acquired using funds unlawfully collected from investors by the Shine City promoters. The ED launched an investigation following approximately 554 FIRs lodged by the Uttar Pradesh Police against Rasheed Naseem and involved parties, uncovering a Ponzi-pyramid scheme under the guise of real estate investment.

Details from the ED investigation indicate that Shine City's network transferred, layered, and misappropriated funds meant for legitimate investments, enriching the company's close associates instead. Detained individuals and company officials, including Bhagwati Prasad, Vivek Gupta, and Durga Prasad, were found responsible for the illicit activities.

In an extensive operation, the ED previously executed searches at 18 different sites, recovering digital devices and incriminating evidence. Notably, the ED has already filed five prosecution complaints, and trials have commenced in a special court. As investigations continue, officials have attached a total of Rs 263.55 crore worth of assets in this case so far.

(With inputs from agencies.)