ED attaches Shine City Group assets

04 Nov 2024 CW Team

The Enforcement Directorate (ED) has seized properties worth ₹74.16 crore belonging to Shine City Group, a company facing allegations of financial mismanagement and fraud under the Prevention of Money Laundering Act (PMLA). Shine City Group is accused of deceiving numerous investors by promoting fictitious real estate projects. The properties attached by the ED are spread across Uttar Pradesh and Delhi, reflecting the scale of alleged financial irregularities tied to this real estate firm.

The ED's investigation revealed that Shine City Group allegedly lured investors with promises of high returns, leveraging lucrative real estate offerings as bait. These alleged schemes targeted thousands of individuals, resulting in significant financial loss to investors. The agency’s action involves the attachment of various assets, including land parcels and residential properties, marking an intensified focus on real estate-related financial offenses. According to the ED, such preventive action is crucial to protect investor interests and deter similar activities within the real estate sector.

The case highlights the ED's commitment to identifying and addressing financial misconduct in the property market, aiming to promote transparency and accountability. The recent attachment is part of an ongoing probe aimed at recovering assets from companies that have engaged in alleged fraudulent schemes under the guise of legitimate investment opportunities.

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