UP Police's Economic Offences Wing arrests director and associate of Shine City real estate firm

UP Police's Economic Offences Wing (EOW) has made significant progress in its investigation into Shine City Company, a real estate firm based in Prayagraj. The director of the company, Faiz Ahmed, was recently apprehended, along with his associate Shailendra Patel.

The EOW's inquiry into Shine City has revealed that over 200 First Information Reports (FIRs) have been filed against the company across various districts in Uttar Pradesh. These cases are currently being investigated by the EOW. Furthermore, in January 2021, the Enforcement Directorate (ED) initiated legal proceedings against Shine City under the money laundering Act. As a result, the ED has seized properties belonging to the firm worth Rs 100 crore in different districts of the state.

Prashant Kumar, the Special Director General of Law and Order, confirmed that one of the victims, Chandra Prakash Tiwari, was swindled out of Rs 28 lakh by the accused individuals. They promised to double his investment within 15 months. This fraudulent transaction took place in the Civil Lines area police station of Prayagraj on September 30, 2020.

Subsequently, the home department transferred all cases related to Shine City to the EOW for further investigation. During the EOW's probe, the identities of the two suspects, Faiz Ahmed and Shailendra Patel, came to light. Faiz Ahmed had been assuming the role of the director of Shine City.

EOW officials have uncovered several illegal schemes orchestrated by Shine City through a multi-level marketing network. The company acquired extensive land holdings from farmers and then subdivided and sold the plots to numerous investors. However, many investors never received either the promised land or a refund of their money. This discovery prompted the EOW to delve deeper into Shine City's operations.

Furthermore, it has come to light that Shine City also engaged in the acquisition and sale of land in other regions, including Uttar Pradesh, Bihar, and West Bengal. To establish the specifics of these transactions, the EOW is currently gathering data and sale deeds from the relevant property registration authorities.

The arrest of Faiz Ahmed and Shailendra Patel marks a significant development in the investigation into Shine City Company. The EOW's diligent efforts have shed light on the company's fraudulent activities, and the seizure of its properties by the ED serves as a testament to the severity of the offenses committed. As the investigation progresses, it is expected that more details regarding the extent of Shine City's illegal operations will come to light.

Next (Sunteck Realty reports a net loss of Rs. 27.93 crores for Q4 FY23)

UP Police's Economic Offences Wing arrests director and associate of Shine City real estate firm

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