The Allahabad High Court has denied relief to 202 investors of Shine City Infra Project Pvt Ltd. The court raised doubts about ongoing recovery proceedings in the special court, citing a lack of detailed information.
The court directed the Enforcement Directorate (ED) Director in New Delhi to investigate and file a senior officer’s affidavit. The next hearing is set for 21 October. A division bench of Justice Ashwani Kumar Mishra and Justice Dr. Gautam Chaudhary issued the order while hearing a petition from Amit Kumar Gautam and 201 other investors.
The petitioners sought relief similar to a previous court order allowing investors to recover funds. The court, however, doubted its authority to grant such a request, advising the petitioners to approach the appropriate forum.
The court noted that the case involves money laundering and international investments through hawala and cryptocurrency. With over 454 FIRs against Shine City, the ED has seized the company’s properties. The court said it could not order recovery without detailed information on the petitioners’ investments.
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