ED Files Prosecution Complaint in Shine City Fraud Money Laundering Case

The Lucknow zone unit of the Enforcement Directorate (ED) has lodged a prosecution complaint regarding the alleged money laundering case of Shine City Fraud.
The prosecution complaint was presented before the PMLA Court in Lucknow on January 23, and the court acknowledged the complaint on May 17. “ED, Lucknow filed a Prosecution Complaint (PC) before the Hon’ble Special Court (PMLA), Lucknow, UP in the money laundering case of Shine City Fraud on 23.01.2024. The Hon’ble Court has taken cognizance of the PC on 17.05.2024,” stated the ED in a release.

Arrests in the Case

In April, three individuals were detained concerning the Shine City fraud, estimated at nearly Rs 1,000 crore.
The three arrested were Asif Naseem, Amitabh Kumar Srivastava, and Meera Srivastava. ED launched an inquiry based on around 250 First Information Reports (FIRs) lodged by the Uttar Pradesh Police against Rasheed Naseem and the Shine City Group of Companies.

Shine City Group of Companies

They had amassed a substantial sum of money, approximately Rs 800-1000 crore, from the public under the guise of investment, promising significant returns, but ultimately defrauded the public/investors. ED’s investigation disclosed that Asif Naseem, Amitabh Kumar Srivastava, and Meera Srivastava are the primary accused and directors of the Shine City group of companies, who enticed investors, amassed funds, and deceived them.

The agency’s investigation also uncovered that the proceeds of crime were transferred to various other companies controlled by them and individuals close to them.

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