ED Makes 4Th Arrest In Shine City Money-Laundering Case
Date
12/22/2023 1:45:14 PM
(MENAFN- IANS) New Delhi, Dec 23 (IANS) The Enforcement Directorate (ED) has arrested Udhaw Singh alias Sonu Singh in a money-laundering case involving UP-based Real estate company Shine City.
The ED said that it arrested Singh under the Prevention of Money Laundering Act after its probe revealed that Singh had received huge sum of money in the name of bogus commission, and advances for land purchase from Shine City group of companies which was diverted to acquire assets in the form of flats, commercial spaces etc. in various places such as Mumbai, Gujarat, and Uttar Pradesh.
The ED probe till now has resulted in attachment of properties worth Rs 128 crore and collection of incriminating documents and electronic evidences during the search action conducted on November 24 at 18 premises linked to accused and close associates of mastermind Rasheed Naseem.
The main accused Naseem is absconding and is suspected to have fled to the UAE.
The ED case is on the basis of approximately 250 FIRs registered by Uttar Pradesh Police against Naseem and Shine City Group of Companies, wherein they had collected huge amount of money approximately Rs 800-1000 crore from the public in the name of investment and promised huge returns and finally cheated the public by way of committing fraud.
The ED produced Singh before a court and he was sent to ED custody for 10 days. This is the fourth arrest in this case, after of Shashi Bala, Abhishek Singh, and Durga Prasad.
--IANS
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