Enforcement Directorate: ED probe reveals real estate firm Shine City Group siphoned investors’ ₹1,000cr | Lucknow News

Lucknow: The Enforcement Directorate (ED) has claimed to have decoded a multi-layered method used by the real estate firm Shine City Group, for ‘siphoning’ investors’ over Rs 1,000 crore. The ED had registered a PMLA case against the firm in 2021 based on 554 FIRs registered by UP Police in the state.According to the ED’s investigation, the group collected public money laundered through various group companies and purchased luxury flats in various apartments. To prevent authorities from attaching the properties, the realtors authorised their associates to manage these flats. The associates then transferred the property to a benami (proxy) person.The agency claims to have identified the fund trail and found that money collected from the customers was layered, transferred and diverted to various directors/promoters/associates of the group. The funds so diverted were utilised by the close confidants and associates for the purchase of luxury cars, residential plots, flats, commercial plots, shops and office space and agricultural lands in the name of a benami person.One of their associates, Abhishek Singh, who used his wife to purchase a luxury flat in Lucknow’s Lotus Apartment, has been arrested and is in jail. Another arrested associate, Amitabh Srivastava, had purchased land using the investors’ money. This property was in his name.Fearing attachment by ED, this property was illegally sold to one Pankaj Mishra and then after one week it was sold to another person. “It is surprising that this sale deed was executed when Amitabh was in jail,” said ED sources.Notably, on June 2, the Allahabad high court had pulled up ED, Serious Fraud Investigation Office (SFIO) and Economic Offences Wing (EOW) for their failure to carry out proper investigation into the Shine City scam, where several crores of investors’ money were siphoned by the accused.

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