LUCKNOW: Vice president of Shine City Group, who defrauded people of crores of rupees in the name of investing in plots and the stock market, was on Thursday arrested.
ADCP North Jitendra Kumar Dubey said that there was a reward of 50,000 on the accused Manish Jaiswal, and the police had been searching for him for about a year. He said cases of fraud had been registered against Manish in Lucknow and Prayagraj.
Vikas Nagar Inspector Vipin Singh said that Manish used to make false promises to many people to provide land at low rates and easy instalments.
He duped victims by promising to triple their invested sum in the scheme of the company. Manish used to take money from people and swindle it. He also duped people by promising to double and triple their money in a short time if they made recurring deposits. More than 500 cases are registered against this company in UP, and 62 people have gone to jail. There is a reward of Rs 5 lakh on the company’s CMD Rashid Naseem.
According to the police, he was changing his house frequently to escape from the police.
Currently, he was living in Vikasnagar Sector 3. Manish is originally a resident of Prayagraj’s Mutthiganj area.
In July this year, the police had arrested Gyan Prakash Upadhyay, president of the company. The company’s chief managing director (CMD) and Upadhyay’s boss, Rashid Naseem, are absconding and said to have taken shelter in a Gulf country. Police have declared a reward of Rs 5 lakh.
The scam of Shine City first surfaced in 2013. As many as 554 cases of crime forgery, criminal breach of trust, and other counts were registered at different police stations in Lucknow, and 62 fraudsters linked with the Shine City project and its other sister concerns were arrested and sent to jail since then.
