Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
Earlier this month, the Enforcement Directorate (ED) apprehended a woman, Shashi Bala, in connection with an ongoing money-laundering investigation involving a Lucknow-based company. The company is accused of deceiving investors to the staggering tune of Rs 800-1,000 crore. Bala, an active associate of the main accused, Rasheed Naseem, in the Shine City fraud, has been taken into custody, as confirmed by the central agency in an official statement. Rasheed Naseem, identified as the primary accused in the Shine City fraud, is currently at large, according to the ED. A special court, specializing in cases falling under the Prevention of Money Laundering Act (PMLA), has remanded the accused to the custody of the ED until November 30, the agency reported. The ED stated that Shashi Bala played a pivotal role in "actively assisting Naseem in concealing and laundering the proceeds of crime." Described as a confidante of Naseem, Bala maintained constant communication with him and customers through WhatsApp, continuously engaging in money laundering until the agency's search operations were conducted. The arrest follows a series of raids at 18 locations in Lucknow, Varanasi, Mumbai, and Delhi on Friday, targeting residences of agents associated with Shine City. These agents allegedly played a role in enticing investors and facilitating the generation of illicit proceeds. The money-laundering case has its roots in approximately 250 FIRs filed by the Uttar Pradesh Police against Rasheed Naseem and the Shine City group of companies. The allegations include the unlawful collection of around Rs 800-1,000 crore from the public under the guise of investments, subsequently leading to fraudulent activities. The ED's operations included searches at the residences and office premises of directors and companies involved in receiving substantial amounts of ill-gotten gains from Rasheed Naseem and the Shine City group. These funds were allegedly transferred under the pretext of investments and advances. "The searches resulted in the seizure of several digital devices, incriminating documents revealing the continuous involvement of certain individuals in money laundering, immovable properties, cash amounting to Rs 95 lakh, and jewelry valued at Rs 65 lakh," stated the ED. The agency's investigation unveiled that numerous agents associated with Shine City, both past and present, played a pivotal role in luring investors and aiding the company and its promoters in generating proceeds of crime. The case continues to unfold as the ED intensifies its efforts to expose the extent of the alleged financial misconduct.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
