LUCKNOW: The Directorate of Enforcement (ED), Lucknow zonal office, on Friday provisionally attached properties worth Rs 29.11 crore linked to the multi-crore Shine City scam.
Owners and promoters of real estate firm, Shine City Group, have been accused of ‘siphoning’ off investors’ money worth over Rs 1000 crore.
The immovable properties attached under the provisions of Prevention of Money Laundering Act (PMLA), 2002, include a residential project worth Rs 25.99 crore, commercial property worth Rs 2.10 crore, and agricultural land worth Rs 1.01 crore.
These properties were purchased/developed by Himanshu Kumar and his companies using money collected from investors, which was layered and diverted by the Shine City promoters.
Kumar was the director and controlling person of the company Bhavya Broadcast Pvt Ltd, which was part of the Shine City group. Kumar was arrested by the ED on July 23, 2024.
The ED initiated an investigation based on approximately 554 FIRs registered by Uttar Pradesh Police against mastermind Rashid Naseem and the Shine City Group of Companies.
The investigations revealed that the accused persons, associates, and promoters incorporated several companies and collected funds from the public in a Ponzi-pyramid scheme under the guise of investment in the real estate sector and other attractive schemes.
The ED identified the fund trail and found that the money was diverted to close associates of the group. The funds were then utilised for buying land, office space, and developing residential projects. Consequently, the investors never got the return on their investment.
Previously, the ED had conducted search operations at 18 locations in Lucknow, Varanasi, Allahabad, Mumbai, and Delhi, and recovered and seized several digital devices, incriminating documents related to the offence of money laundering, and details of properties which were proceeds of crime.
The ED had arrested and conducted custodial interrogation of 8 accused persons, namely Shashi Bala, Abhishek Singh, Durga Prasad, Udhaw Singh, Ashif Naseem, Amitabh Srivastava, Meera Srivastava, and Himanshu Kumar. Till now, four prosecution complaints (PC) (equivalent to police charge sheet) have been filed in this case, and the special court has taken cognisance of two PCs.
The quantum of total attachment made so far in this case stands at Rs 189.39 crore.
