According to a declaration of recovery (ED) on Wednesday on Wednesday on Wednesday, Rashid announced our main promoter of the Shine City Group (PMLA) in Lucknow, the main promoter of Shine City Group, as a refugee economic perpetrator (FEO).
Ed sought to declare Rashid Náseem as Feo and submitted an application to a special court for the prevention of the Money Washing Act in Lucknow in Uttar Pradesh. ED was also looking for confiscation of its properties under the Act on Refugees of Economic Offenders of 2018.
What is Shine City money washing?
In the indictment submitted in October last year, ED said that it launched an investigation based on approximately 554 FIRS registered by the Uttar Pradesh police against our and Shine City Group of Companies, said HT.
FIRS said that our nosem and Shine City Group gathered approximately £1,000 crore from the public in the name of investment and promised huge huge revenues. But that didn’t happen.
In July last year, our assistant Himanshu Kumar was arrested by ED after the spacecraft revealed that Kumar had integrated and dominated several companies such as Skraddha Saburi Infra-Developers, Scapers Realcon PVT LTD, Bhavya PVT LTD, RealCon etc.
According to the HT report, the money collected from customers was taken to entities owned, operated and operated by Kumar.
What the probe revealed
The investigation led to ED officials to identify money money after which the intermediately attached qualities stand £29.11 Crore in the form of a project of residential real estate, office space and agricultural land belonging to Kumar and his company in September 2024.
To date, five charges have been filed and eight individuals, 13 companies and nine partner companies have been charged in the case of money washing. The court realized all the accusations previously filed, the report said.
The quantum of the total attachment of the previously made in this case stands on £266.70 Crore (approx.) Ed also made raids at 18 locations and gained digital evidence.
The probe also revealed that fraud was made through the ponzi pyramid schemes masked as an investment in real estate, the report said. These programs have received funds from investors who were used to obtain moving and immovable assets under the name Shine City Companies, its directors and collaborators.
Restitution for Shine City Investors
Last year in December ED facilitated the restitution of the funds of two investors of Shine City Infra projects, said the report to Toi.
Special Court ordered ED to refund £7.61 Lakh on Husna Bano and £4 Lakh on Neet Verma who were investors in the Shine City group.
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