A Particular Court docket (PMLA) in Lucknow declared Rashid Naseem, the primary promoter of Shine Metropolis Group, as a Fugitive Financial Offender (FEO) on Wednesday, in line with an Enforcement Directorate (ED) assertion.
The ED had sought the declaration of Rashid Naseem as a FEO and filed an utility in a particular court docket for Prevention of Cash Laundering Act in Lucknow, Uttar Pradesh. The ED had additionally sought confiscation of his properties underneath the Fugitive Financial Offenders Act, 2018.
What’s the Shine Metropolis cash laundering case?
In a chargesheet filed in October final 12 months, the ED mentioned that they’d initiated an investigation primarily based on roughly 554 FIRs registered by the Uttar Pradesh police in opposition to Naseem and Shine Metropolis Group of Corporations, an HT report mentioned.
The FIRs mentioned that Naseem and the Shine Metropolis Group had collected roughly ₹1,000 crore from the general public within the identify of funding and promised an enormous enormous returns on them. That nevertheless, didn’t occur.
In July final 12 months, Naseem’s shut aide Himanshu Kumar was arrested by the ED after probe revealed that Kumar had included and managed a number of firms resembling Shraddha Saburi infra-Builders, Scapers Realcon Pvt Ltd, Bhavya Broadcasting Pvt Ltd, Realcon Hyperlinks and many others.
In keeping with the HT report, the cash collected from the purchasers was siphoned off to the entities owned, managed and operated by Kumar.
What the probe revealed
The investigation led the ED officers to determine a cash path after which it provisionally hooked up properties value ₹29.11 crore within the type of residential actual property venture, workplace area and agricultural land belonging to Kumar and his firms in September, 2024.
Until date, 5 chargesheets have been filed and a complete of eight people, 13 firms, and 9 partnership corporations have been accused within the cash laundering case. The court docket has taken cognizant of all chargesheets filed up to now, the report mentioned.
The quantum of complete attachment made up to now on this case stands at ₹266.70 crore (approx.) The ED had additionally carried out raids at 18 places and recovered digital proof.
The probe additionally revealed that the fraud was carried out by way of Ponzi pyramid schemes disguised as actual property investments, a TOI report mentioned. These schemes raised funds from buyers, which have been used to amass movable and immovable belongings underneath the identify of Shine Metropolis firms, its administrators, and associates.
Restitution for Shine Metropolis Group buyers
Final 12 months in December, the ED facilitated the restitution of funds of two buyers of Shine Metropolis Infra Tasks, a TOI report mentioned.
A Particular Court docket had directed the ED to refund ₹7.61 lakh to Husna Bano and ₹4 lakh to Neeta Verma, each of whom have been buyers within the Shine Metropolis Group.
