The Lucknow zone unit of the Enforcement Directorate has filed a prosecution complaint in connection with the alleged money laundering case of Shine City Fraud.
The PMLA Court in Lucknow received the prosecution’s case on January 23. On May 17, the court acknowledged receipt of the complaint.
“ED, Lucknow filed a Prosecution Complaint (PC) before the Hon’ble Special Court (PMLA), Lucknow, UP in money laundering case of Shine City Fraud on 23.01.2024. The Hon’ble Court has taken cognizance of the PC on 17.05.2024,” the ED said in a statement.
Three people were taken into custody earlier in April in relation to the Shine City scam, which is thought to have cost close to Rs 1,000 crore. Asif Naseem, Amitabh Kumar Srivastava, and Meera Srivastava were the three accused.
Based on roughly 250 FIRs against Rasheed Naseem and the Shine City Group of Companies that the Uttar Pradesh Police had filed, the ED opened an investigation.
These FIRs claimed that the parties had defrauded the public and investors by collecting a substantial sum of money—roughly Rs 800-1000 crore—in exchange for investments, promising enormous returns. According to an ED investigation, the principal accused and directors of the Shine City group of firms are Asif Naseem, Amitabh Kumar Srivastava, and Meera Srivastava.
They are suspected of luring investors, taking their money, and defrauding them. The agency’s investigation also showed that a number of other businesses under their control and others connected to them received the proceeds of crime.