+
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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Syrma SGS Elemaster Opens High-Reliability Electronics Facility

Syrma SGS Technology and Elemaster Group have inaugurated a new high-reliability electronics manufacturing facility in Bengaluru through their joint venture, Syrma SGS Elemaster Private Limited.The facility aims to strengthen India’s advanced electronics manufacturing capabilities and support customers across domestic and global markets, particularly in sectors requiring high quality, reliability and stringent manufacturing standards.Located in the Bommasandra Industrial Area, the 20,000 sq. ft. facility is equipped with advanced Surface Mount Technology (SMT), Through-Hole Technology (THT) ..

Next Story
Real Estate

UrbanVault Expands Chennai Workspace Portfolio with 100,000 Sq. Ft.

UrbanVault has expanded into Chennai with approximately 100,000 sq. ft. of managed workspace across three properties, strengthening its presence in India’s flexible workspace market.The company’s Chennai portfolio includes Olympia Teknos and UV IPL in Guindy, and Ceebros Chambers on Velachery Main Road. The expansion marks UrbanVault’s entry into its seventh city, taking its national footprint to more than 3 million sq. ft. across 80+ centres.UrbanVault expects its annual revenue to cross Rs 350 crore in FY27, supported by expansion across major business hubs and rising demand for manage..

Next Story
Real Estate

LML Realty Launches Digital Platform for Custom Factories

LML Realty has launched ‘Your Factory’, a digital platform that enables businesses to configure, customise and order built-to-suit factories online. The platform combines plot selection, factory specifications, pricing and development into a single digital interface.Businesses can select plot sizes ranging from 500 sq. yd. to 10 acres and customise requirements such as factory size, height, structure, crane provisions and power needs. The platform provides instant quotations, allowing users to view configurations and pricing while designing their facilities.Pricing for the built-to-suit fa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code