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
Building Material

Shree Cement Tops Sector with 60% Green Power Usage

Shree Cement continues to set new industry benchmarks in sustainable manufacturing with over 60 per cent of its total electricity consumption now met through green power. The company’s renewable energy capacity has grown to 582 MW, cementing its position as a front-runner in low-carbon cement production. The recent commissioning of a 60.3 MW solar plant in Jodhpur adds significant momentum to its green transition.With a sharp strategic focus on climate-resilient operations, Shree Cement is aggressively investing in renewable infrastructure, making sustainability a central pillar of its growt..

Next Story
Real Estate

Navin’s Starwood Towers 3.0 Wins PM Awas Yojana Award

Navin’s, South India’s one of the most trusted real estate developers, has won the prestigious Pradhan Mantri Awas Yojana (PMAY) award third time in a row, as a recognition for its exceptional contribution to housing sector, this time for Navin’s Starwood Towers 3.0.  The award was bestowed on Navin’s by Tokhan Sahu, Minister of State for the Ministry of Housing and Urban Affairs, Government of India at a felicitation function in New Delhi and was received by N Kalyanaraman COO. Navin’s is the only real estate developer in Tamil Nadu to have received this award. On the cove..

Next Story
Infrastructure Urban

Hindustan Zinc Achieves 3.32 Times Water Positive Status

On World Environment Day, Hindustan Zinc, India’s only and the world’s largest integrated zinc producer, announced that it has turned 3.32 times water positive. This leap from the previously certified index of 2.41 demonstrates the company’s continued commitment to responsible water stewardship. The milestone has been independently verified by DNV Business Assurance India, following a comprehensive on-site and data-based audit. Operating in Rajasthan, one of the India’s most water stressed regions, Hindustan Zinc reinforces its position as a water positive and zero liquid discharg..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?