Shine City Group's vice president arrested in investment scam

23 Sep 2024 CW Team

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.

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