Ed Attaches Shine City Properties Worth ₹17.9cr, Real Estate News, ET RealEstate
LUCKNOW: The enforcement directorate (ED) on Thursday provisionally attached properties worth Rs 17.92 crore of M/s Shine City Properties Ltd under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
The attached properties are in the form of 47 parcels of land measuring 10.27 hectares located at Rajatalab Tehsil of Varanasi on Thursday.
ED had registered a case under PMLA against Shine City and its directors Rasheed Naseem, Asif Nafees, Javed Iqbal and others in 2021.
ED investigation revealed that the money collected from the public was found to have been diverted by the accused, thus defrauding the investors.
In the ongoing investigations, ED had earlier attached various immovable properties worth Rs 110.62 crore in the name of accused persons, Rashid Naseem, Asif Naseem, Amitabh Kumar Srivastava, Meera Srivastava and in the name of several Shine City Group companies. The quantum of total attachment made so far in this case is about Rs. 128.54 crore.