Shine City Group's vice president arrested in investment scam
ECONOMY & POLICY

Shine City Group's vice president arrested in investment scam

The Vice President of Shine City Group, who had defrauded numerous people out of crores under the guise of investment in plots and the stock market, has been arrested. According to ADCP North, Jitendra Kumar Dubey, a reward of Rs 50,000 had been placed on the accused, Manish Jaiswal, who had been evading the police for nearly a year. Dubey further mentioned that fraud cases against Manish had been filed in both Lucknow and Prayagraj.

Inspector Vipin Singh of Vikas Nagar stated that Manish had misled many individuals with false promises of providing land at low rates and on easy instalments. He also deceived victims by guaranteeing to triple their investments in company schemes, taking money from people only to swindle it. Manish would lure investors by offering to double or triple their money quickly through recurring deposits. Over 500 cases have been registered against this company in Uttar Pradesh, and 62 individuals have already been imprisoned.

At the time of his arrest, Manish was residing in Vikasnagar, Sector 3, though he originally hailed from Mutthiganj in Prayagraj. In July of this year, the police apprehended Gyan Prakash Upadhyay, the company's president. However, the company's Chief Managing Director (CMD), Rashid Naseem, remains at large, believed to be hiding in a Gulf country, with a ?5 lakh reward now announced for his capture.

The Shine City scam first came to light in 2013. Since then, 554 cases of forgery, criminal breach of trust, and related offences have been filed across various police stations in Lucknow, resulting in the arrest and imprisonment of 62 individuals associated with Shine City and its affiliated ventures.

The Vice President of Shine City Group, who had defrauded numerous people out of crores under the guise of investment in plots and the stock market, has been arrested. According to ADCP North, Jitendra Kumar Dubey, a reward of Rs 50,000 had been placed on the accused, Manish Jaiswal, who had been evading the police for nearly a year. Dubey further mentioned that fraud cases against Manish had been filed in both Lucknow and Prayagraj. Inspector Vipin Singh of Vikas Nagar stated that Manish had misled many individuals with false promises of providing land at low rates and on easy instalments. He also deceived victims by guaranteeing to triple their investments in company schemes, taking money from people only to swindle it. Manish would lure investors by offering to double or triple their money quickly through recurring deposits. Over 500 cases have been registered against this company in Uttar Pradesh, and 62 individuals have already been imprisoned. At the time of his arrest, Manish was residing in Vikasnagar, Sector 3, though he originally hailed from Mutthiganj in Prayagraj. In July of this year, the police apprehended Gyan Prakash Upadhyay, the company's president. However, the company's Chief Managing Director (CMD), Rashid Naseem, remains at large, believed to be hiding in a Gulf country, with a ?5 lakh reward now announced for his capture. The Shine City scam first came to light in 2013. Since then, 554 cases of forgery, criminal breach of trust, and related offences have been filed across various police stations in Lucknow, resulting in the arrest and imprisonment of 62 individuals associated with Shine City and its affiliated ventures.

Next Story
Resources

Mindspace REIT supports infrastructure enhancement at Yerwada Jail

Mindspace Business Parks REIT, owner and developer of a quality Grade A office portfolio located in four key office markets of India, strengthens CSR and Community Impact efforts through support towards infrastructure enhancement at Yerwada Central Jail, Pune. Aimed at addressing necessary infrastructure needs of both the staff and the jail’s 6,500 inmates, this initiative includes support in developing the following:A fully equipped primary health centre for improved medical careDrinking water storage tank with a filtration system, to ensure clean water accessChanging rooms and rest rooms f..

Next Story
Resources

Sustainable construction without compromising on quality

As India continues to experience a surge in infrastructure development, experts are calling for more sustainable practices in construction while emphasising the need for high-quality materials. With an increasing focus on environmental responsibility, the challenge remains to ensure that materials like Thermo-Mechanically Treated (TMT) bars meet both eco-friendly standards and the durability required for long-term infrastructure. The use of recycled steel has become more common in TMT bar production as part of an effort to reduce waste and promote sustainability. However, some manufacturers ha..

Next Story
Building Material

SAIL Chairman Calls for Steel Tariffs

The Chairman of Steel Authority of India Limited (SAIL) has called for the imposition of tariffs on steel imports, citing the need to protect the domestic steel industry from rising competition and price pressures. This recommendation comes amid growing concerns over the impact of cheaper imported steel, particularly from China, which is affecting the profitability and stability of Indian steel producers. The chairman highlighted that the influx of foreign steel has created market imbalances, making it difficult for local manufacturers to compete on both price and volume. India’s steel indus..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000