India

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).

Also Read: Stock markets close modestly lower in turbulent trade

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.

Naiteek Bhatt

Recent Posts

Yemen’s Houthis Claim Responsibility For Missile Attack On Israel

Yemen's Houthis claimed responsibility for a missile attack on Israel's Negev region, targeting the Negev…

11 hours ago

From ‘Razia Sultan’ To ‘Sarfarosh’: The Timeless Journey Of Nida Fazli, ‘Main Nida’

A special screening of the film 'Main Nida', based on the life of the renowned…

12 hours ago

Flood Alert In PoK’s Muzaffarabad After Alleged Jhelum Water Release

A flood alert was issued across Muzaffarabad on Saturday after locals reported a sudden rise…

13 hours ago

Zelensky, Trump Hold Talks In Rome Ahead Of Pope’s Funeral; Discusses Ceasefire & Peace

US President Donald Trump and Ukrainian President Volodymyr Zelensky met in Rome on Saturday ahead…

14 hours ago

Pahalgam Terror Attack: Ishan Educational Institutions Organises Protest Against Terrorism

Ishan Educational Institutions, Greater Noida, today organised a peaceful protest march condemning the recent terror…

15 hours ago

Complete Ban On Drone Flights Over Noida International Airport ‘Red Zone’

Authorities have imposed a complete ban on the operation of drones and UAVs over and…

15 hours ago