+
ED calls Shine City fraud victims to claim seized properties
ECONOMY & POLICY

ED calls Shine City fraud victims to claim seized properties

The Directorate of Enforcement (ED), Lucknow Zonal Office, has taken a major step towards delivering justice to defrauded investors of Shine City Group. In a landmark move, Special Court (PMLA) Judge Rahul Prakash issued an order inviting victims to submit claims and validate their investments for property restoration.

The ED sought the intervention of the Allahabad High Court and the Special Court (PMLA), Lucknow, under Section 8(8) of the Prevention of Money Laundering Act (PMLA), to return attached or seized properties to victims of the Shine City fraud. Acting on this request, the court issued a public notice to facilitate the claims process.

The ED's investigation stemmed from over 550 FIRs filed by Uttar Pradesh Police against Rasheed Naseem and Shine City Group. It uncovered a Ponzi-pyramid scheme disguised as real estate investments, where funds were misappropriated to acquire properties in the names of companies, directors, and associates, depriving investors of promised returns or plots.

In its probe, the ED conducted raids at 18 locations, seizing digital evidence, incriminating documents, and property details. It attached assets worth Rs 2.63 billion and arrested eight individuals. Five Prosecution Complaints (PCs) have been filed against eight individuals, 13 companies, and nine partnership firms, all of which were acknowledged by the special court.

This initiative to restore properties to legitimate claimants represents a significant milestone in addressing the Shine City fraud, aiming to return the "Proceeds of Crime" to thousands of defrauded investors. (ET)

The Directorate of Enforcement (ED), Lucknow Zonal Office, has taken a major step towards delivering justice to defrauded investors of Shine City Group. In a landmark move, Special Court (PMLA) Judge Rahul Prakash issued an order inviting victims to submit claims and validate their investments for property restoration. The ED sought the intervention of the Allahabad High Court and the Special Court (PMLA), Lucknow, under Section 8(8) of the Prevention of Money Laundering Act (PMLA), to return attached or seized properties to victims of the Shine City fraud. Acting on this request, the court issued a public notice to facilitate the claims process. The ED's investigation stemmed from over 550 FIRs filed by Uttar Pradesh Police against Rasheed Naseem and Shine City Group. It uncovered a Ponzi-pyramid scheme disguised as real estate investments, where funds were misappropriated to acquire properties in the names of companies, directors, and associates, depriving investors of promised returns or plots. In its probe, the ED conducted raids at 18 locations, seizing digital evidence, incriminating documents, and property details. It attached assets worth Rs 2.63 billion and arrested eight individuals. Five Prosecution Complaints (PCs) have been filed against eight individuals, 13 companies, and nine partnership firms, all of which were acknowledged by the special court. This initiative to restore properties to legitimate claimants represents a significant milestone in addressing the Shine City fraud, aiming to return the Proceeds of Crime to thousands of defrauded investors. (ET)

Next Story
Real Estate

Heena Lalwani Buys Rs 1.13 Billion Juhu Apartment

Heena Lalwani, promoter of Aatman Innovations Private Limited, has purchased a luxury apartment worth Rs 1.13 billion in Mumbai’s upscale Juhu locality, according to property registration documents accessed by Zapkey.com.The 9,862 sq ft apartment, located on the 10th floor of Lodha Developers’ Avalon Tower, was acquired at Rs 115,000 per sq ft and comes with five car parking spaces. The deal, registered on 18 August 2025, also included the payment of Rs 68 million in stamp duty and a Rs 30,000 registration fee.Lodha Developers did not respond to queries regarding the transaction, while the..

Next Story
Real Estate

Godrej Buys KPHB Land for Rs 7 Billion in E-Auction

An acre of prime land in Kukatpally Housing Board (KPHB), Hyderabad, was auctioned for Rs 7 billion, with the Telangana Housing Board generating Rs 5.47 billion from the sale of 7.8 acres through e-auction on 20 August 2025.The auction notification was issued last month, attracting bids from Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders, according to Board vice-chairman V.P. Gautham. With an offset price of Rs 4 billion per acre, the three-hour auction saw 46 bid increases, before Godrej Properties acquired the land.Revenue generated from the auction will be utilis..

Next Story
Real Estate

HMDA to Auction 93 Prime Plots in September

The Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a three-day auction of prime open plots across Hyderabad, Rangareddy, and Medchal-Malkajgiri districts this September.According to official reports, the e-auction will take place on 17, 18, and 19 September, offering 93 plots. Of these, 70 are located in the Bachupally HMDA layout, with the remainder spread across Turkayamjal, Kokapet, Poppalguda, Chandanagar, Bairagiguda, Gandi Maisamma, Suraram, Medipally, and Bachupally village.The highest upset price has been fixed at Rs 175,000 per square yard for a land parce..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?