ED Arrests Aide Of Shine City Owner In Rs 800-Crore Money Laundering Case
Date
12/1/2023 11:45:25 AM
(MENAFN- IANS) New Delhi, Dec 1 (IANS) The Enforcement Directorate (ED) has arrested an aide of absconding owner of tainted Real estate company Shine City in a money laundering probe linked to the fraud committed by the company, officials said on Friday.
The ED in a statement said that it arrested Abhishek Kumar Singh, who was actively assisting absconding accused Rasheed Naseem to collect, conceal and launder the proceeds of crime, in connection with its probe into the money laundering case involving the Uttar Pradesh-based real estate company.
The ED said that Singh was arrested on Thursday under the provisions of the Prevention of Money Laundering Act (PMLA).
The ED case is based on approximately 250 FIRs registered by Uttar Pradesh Police against Naseem and Shine City Group of Companies, wherein they promised huge returns on investment and collected Rs 800-1,000 crore, and finally cheated the public by way of committing fraud.
The agency said that its investigation revealed that there were many agents who have been working for the company to lure the investors and helped Naseem and Shine City in generation of the proceeds of crime.
“ED probe found that the proceeds of crime were transferred to various other companies and individuals. Singh, who is one of the main agents, has acquired the Proceeds of Crime and was actively assisting Naseem, to collect, conceal and launder the proceeds of crime,” the ED said.
The ED said that Singh was a confidant of Naseem and was in constant touch with him and customers even till the time of search and arrest.
Singh was placed under arrest on Thursday and produced before the Special Judge Lucknow on Friday which sent him to ED custody for 6 days till December 6. This is the second arrest in this case, the agency added.
Earlier, the ED arrested one Shashi Bala on November 25.
The ED has till date attached properties worth Rs 128 crore and collection of incriminating documents during the search action. The main accused Naseem is absconding.
--IANS
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