The Lucknow office of the Enforcement Directorate (ED) filed a prosecution complaint before the Special Court (PMLA) in a money laundering case against Rashid Naseem and Shine City Group of Companies.
The ED has initiated the investigation based on approximately 554 FIRs registered by Uttar Pradesh police against Naseem and Shine City Group for allegedly collecting an amount to the tune of Rs 1000 crore from the public in the name of investment, that will give them huge returns.
The company, however, cheated its investors.
The ED arrested Himanshu Kumar, a close associate of Rashid Naseem, on July 22.The investigation revealed that Himanshu incorporated and controlled several companies such as Shraddha Saburi Infra-Developers, Scapers Realcon Pvt Ltd, Bhavya Broadcasting Pvt Ltd, Realcon Links, etc. The money collected from the customers was layered and siphoned off to the entities owned, controlled, and operated by Himanshu Kumar.
Furthermore, the money trail was identified, and the ED provisionally attached properties worth Rs 29.11 crore on Sep 13 in the form of a residential real estate project, office space, and agricultural land belonging to Himanshu Kumar and his companies.
