ED Attaches Rs 32 Crore Worth of Land in Shine City Fraud Investigation
NEW DELHI: The Enforcement Directorate (ED) has intensified its crackdown on the Shine City group, provisionally attaching lands worth over Rs 32 crore across various districts in Uttar Pradesh. The high-profile investigation comes in response to multiple complaints and FIRs filed by the Uttar Pradesh Police against Shine City Infra Project Pvt. Ltd. and its directors, including Rashid Naseem and Amitabh Kumar Srivastava.
The annexed properties include 41.629 acres in Sultanpur, Jhansi, Pratapgarh, Pindra (Varanasi), Bara (Allahabad), and Bakshi Ka Talaab (Lucknow). Notably, a residential plot in Lucknow owned by Amitabh Kumar Srivastava, valued at Rs 23.70 lakhs, has also been provisionally attached.
Investigators allege that Shine City and its associates lured the public into investing in attractive real estate schemes without delivering on their promises, accumulating losses surpassing Rs 80.78 crore for unsuspecting investors. Previously, the ED seized properties worth around Rs 49 crore belonging to Shine City in Lucknow and Varanasi.
Further investigations have revealed that the Shine City group purchased land in bulk from farmers, subsequently subdividing it to sell at a profit. However, numerous investors, despite making payments, report that they have neither received the land nor any refund.
The situation around Shine City also hints at broader implications, as questions arise about possible ties with corrupt bureaucrats and financiers. Authorities are currently reviewing property registrations and sale deeds in Uttar Pradesh, Bihar, and West Bengal to trace the extent of the suspected fraud.
This ongoing investigation highlights the complexities surrounding real estate transactions and the importance of thorough vetting when engaging in investment schemes.
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