ED attaches Shine City properties worth 17.9 crore

09 Oct 2023 CW Team

In a significant development, the Enforcement Directorate (ED) has provisionally attached assets valued at Rs 17.92 crore belonging to M/s Shine City Properties Ltd, invoking the provisions of the Prevention of Money Laundering Act (PMLA), 2002. These assets consist of 47 land parcels covering 10.27 hectares, situated in Rajatalab Tehsil of Varanasi.

The ED had initiated a case under the PMLA against Shine City and its directors, including Rasheed Naseem, Asif Nafees, Javed Iqbal, and others in 2021. The investigation conducted by the ED revealed that funds gathered from the public had been allegedly diverted by the accused, resulting in the defrauding of investors. As part of the ongoing inquiry, the ED had previously seized various immovable assets valued at Rs 110.62 crore, registered in the names of the accused individuals - Rashid Naseem, Asif Naseem, Amitabh Kumar Srivastava, Meera Srivastava - as well as several Shine City Group companies. The cumulative value of assets attached in connection with this case now stands at approximately Rs 128.54 crore.

This development underscores the continued efforts by law enforcement authorities to combat money laundering activities and protect the interests of investors in the region.

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