ED raids multiple states in a money-laundering case involving a Lucknow-based company

As part of a money laundering investigation against a Lucknow-based company and its promoters who allegedly deceived many investors with promises of large returns, ED officers raided 20 locations on Friday in Delhi, Uttar Pradesh, and Maharashtra, according to official sources.

According to them, the action is being taken against Shine City Properties Ltd. and those connected to it in an investment scam worth an estimated Rs 800 crore.

Raids are being conducted at about 20 locations in Delhi, Varanasi, Prayagraj, and Lucknow in Uttar Pradesh, as well as Mumbai in Maharashtra, as part of an investigation being conducted under the Prevention of Money Laundering Act (PMLA).

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Several UP Police FIRs are the source of the money laundering case. The ED had stated in October that the company, its promoters, and connected accused—Rashid Naseem, Asif Naseem, Amitabh Kumar Srivastava, and Meera Srivastava—had “cheated” people by enticing them to invest in a number of profitable schemes the company had put out.

Up until now, assets in this case have been attached for a total value of over Rs 128 crore.