Lucknow: The Economic Offenses Wing (EOW) of the Uttar Pradesh Police has apprehended Faiz Ahmed, the director of Shine City Company, a real estate firm based in Prayagraj. His associate, Shailendra Patel, has also been taken into custody.
The EOW is currently investigating over 200 First Information Reports (FIRs) filed against Shine City in various districts of Uttar Pradesh. Furthermore, the Enforcement Directorate (ED) initiated a money laundering case against the company in January 2021 and seized properties worth Rs 100 crore across different districts of the state.
According to Special DG of Law and Order, Prashant Kumar, Chandra Prakash Tiwari was defrauded of Rs 28 lakh by the accused, who promised to double the amount within 15 months. The incident took place at the Civil Lines area police station in Prayagraj on September 30, 2020. Subsequently, all cases related to Shine City were transferred to the EOW by the home department. During the investigation, the names of the two arrested individuals emerged, with Faiz Ahmed posing as the director of Shine City.
EOW officials revealed that Shine City had conducted multiple illegal schemes through a network of multi-level marketing. The company purchased large portions of land from farmers and sold them as smaller plots, but numerous investors have yet to receive either the land or their invested money.
Further investigation by the EOW uncovered that Shine City had also acquired and sold land in other locations in Uttar Pradesh, Bihar, and West Bengal. Efforts are currently underway to collect data and sale deeds from the respective property registration authorities to ascertain the details of these lands.
Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram
