Lucknow: ED files prosecution complaint in Shine City Fraud case
May 18, 2024
Lucknow (Uttar Pradesh) [India], May 18 : The Lucknow zone unit of the Enforcement Directorate has filed a prosecution complaint in connection with the alleged money laundering case of Shine City Fraud.
The prosecution complaint was filed before the PMLA Court, Lucknow on January 23 and the court took cognizance of the complaint on May 17.
"ED, Lucknow filed a Prosecution Complaint (PC) before the Hon'ble Special Court (PMLA), Lucknow, UP in money laundering case of Shine City Fraud on 23.01.2024. The Hon'ble Court has taken cognizance of the PC on 17.05.2024," the ED said in a statement.
https://x.com/dir_ed/status/1791764218204872903
Earlier in April, three persons were arrested in connection with the Shine City fraud estimated at nearly Rs 1,000 crore. The three accused were namely: Asif Naseem, Amitabh Kumar Srivastava and Meera Srivastava.
ED initiated an investigation based on approximately 250 First Information Reports (FIRs) registered by Uttar Pradesh Police against Rasheed Naseem and Shine City Group of Companies, wherein they had collected a huge amount of money approximately Rs 800-1000 crore from the public in the name of investment and promised huge returns on the investment and finally cheated the public/investors by way of committing fraud.
ED investigation revealed that Asif Naseem, Amitabh Kumar Srivastava and Meera Srivastava are the main accused and directors of the Shine City group of companies who have lured the investors, collected money and cheated them.
The agency investigation also revealed that the proceeds of crime were transferred to various other companies controlled by them and individuals close to them.
