ED searches 18 locations in Shine City 'money laundering' case
Nov 25, 2023
New Delhi [India], November 25 : The Directorate of Enforcement (ED) conducted search operations at 18 locations in Lucknow, Varanasi, Allahabad, Mumbai, and Delhi on November 24 in the case of Shine City fraud.
The searches were conducted under the provisions of the Prevention of Money Laundering Act (PMLA) of 2002.
The searches were conducted at the residences of agents who have worked for Shine City to lure investors and help in the generation of proceeds from crime.
The searches were also conducted at the residence and office premises of directors and companies to whom huge amounts of proceeds from the crime were transferred by Rasheed Naseem, the main accused and the Shine City group of companies in the garb of investment and advances.
Search operations resulted in the recovery and seizure of several digital devices, incriminating documents regarding the continuous involvement of some persons in the act of money laundering, immovable properties, unaccounted cash, and jewellery worth Rs 1.60 crore.
ED initiated an investigation on the basis of approximately 250 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 committed fraud.
The ED investigation revealed there were many agents who have worked and have been working for Shine City to lure investors and help Rasheed Naseem and Shine City in the generation of the proceeds of crime.
The ED investigation also revealed that the proceeds of the crime were transferred to various other companies and individuals.
The search resulted in the gathering of incriminating evidence, which revealed the role of Shashi Bala in actively assisting Rasheed Naseem in concealing and laundering the proceeds of the crime.
She was a confidant of Rasheed Naseem, was in constant touch with him and customers via messaging and was continuously involved in money laundering until the time of the search.
The ED investigation now has resulted in the attachment of properties worth Rs 128 Crore.
The main accused, Rasheed Naseem, is absconding. The ED arrested Shashi Bala on November 25 and subsequently, she was produced before the Special Judge (SPE/CBI) (Special Court for PMLA Cases), Lucknow, Uttar Pradesh, on November 25, 2023.
The Court has granted ED custody for six days, until November 30, 2023.
Further investigation is under progress.
