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ED Takes Action: Three Arrested from Uttar Pradesh in Rs 1000 Crore Shine City Fraud Money Laundering Case

Three Arrested in Shine City Fraud Case: ED Steps Up Investigation

Editor Ritam English by Editor Ritam English
Apr 9, 2024, 11:00 pm IST
ED Takes Action: Three Arrested from Uttar Pradesh in Rs 1000 Crore Shine City Fraud Money Laundering Case

ED Takes Action: Three Arrested from Uttar Pradesh in Rs 1000 Crore Shine City Fraud Money Laundering Case

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On Tuesday, the Enforcement Directorate (ED) made significant progress in the ongoing investigation into the Shine City fraud case, which is estimated at nearly Rs 1,000 crore. Among those arrested are three individuals, including a woman, identified as Asif Naseem, Amitabh Kumar Srivastava, and Meera Srivastava. They were apprehended by the ED’s Lucknow Zone unit in Uttar Pradesh under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The arrests come after an extensive probe initiated by the ED based on approximately 250 First Information Reports (FIRs) filed by the Uttar Pradesh Police against Rasheed Naseem and the Shine City Group of Companies. These FIRs revealed that the group had allegedly amassed a massive sum, ranging between Rs 800 to 1000 crore, from the public under the guise of investment opportunities, promising substantial returns. However, the funds were allegedly misappropriated, constituting a case of fraud against the investors.

Investigations conducted by the ED uncovered Asif Naseem, Amitabh Kumar Srivastava, and Meera Srivastava as the key figures and directors of the Shine City group. According to the agency, they played a pivotal role in enticing investors, collecting funds, and subsequently defrauding them. Furthermore, it was revealed that the ill-gotten gains were funneled into various other companies under their control, as well as individuals closely associated with them.

The ED disclosed that Asif Naseem holds directorship in 20 companies affiliated with the Shine City group, which received funds from the fraudulent activities. These funds were purportedly utilized to purchase land. Meanwhile, Amitabh Kumar Srivastava and Meera Srivastava allegedly channeled Rs 22 crore into the bank account of Kingston Build Con Pvt Ltd, a company they were associated with, using the proceeds of crime to acquire land and other personal assets. The ED has since attached the assets purchased and held by them.

This isn’t the first major development in the case. Earlier, on November 24 last year, the ED conducted searches at 18 locations, seizing various incriminating documents. The ongoing investigation has resulted in the attachment of properties worth Rs 128 crore so far.

This recent round of arrests marks the fifth instance where the ED has made significant headway in the Shine City fraud case. Previously, individuals including Shashi Bala, Abhishek Singh, Durga Prasad, and Udhaw Singh were arrested, granted ED custody, and are currently in judicial custody awaiting further legal proceedings.

Tags: Enforcement DirectoratePrevention of Money Laundering ActShine City fraud caseEDUttar Pradesh
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