High Court Summons ED Assistant Director, EWO Director General, And Home Secretary for Clarification

The Allahabad High Court expressed dissatisfaction with the investigation into the Sign City Company fraud case involving over 237 crores, stating that no significant progress had been made in the last 16 months despite the court’s intervention.

In response, the division bench of Justice Siddharth and Justice Prashant Kumar summoned the investigating officer, Assistant Director of the Enforcement Directorate (ED), to appear before the court along with relevant records. Additionally, the Director General of the Economic Offenses Wing of the state and the Home Secretary were ordered to provide an explanation for the lack of progress in the investigation on May 31 at 10 am.

The court’s scrutiny came during the hearing of the criminal petition filed by Shriram Ram, with the next hearing scheduled for May 31.

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The case involves the illegal formation of a web company and fraudulent schemes that led to numerous investors being cheated. Despite some arrests made following the High Court’s intervention, the main accused, Rashid Naseem, managed to flee to Dubai after his release from Nepal, where he continues to operate criminal activities. Despite efforts by the Serious Fraud Investigation Office (SFIO), ED, and the state’s Economic Offenses Wing, no concrete results have been achieved since 2018.

The court expressed displeasure over the lack of action against Naseem’s companies and the issuance of a passport to him in Dubai despite officials being aware of his criminal activities. Additionally, the court was concerned about the apparent connivance of authorities in facilitating fraudulent activities, as evidenced by an incident where a jailed accused managed to transfer land with police involvement.

During the hearing, the court summoned officials in response to allegations of continued criminal activities by the main accused, emphasizing the urgency of the matter.