The Enforcement Directorate (ED) made a decisive move on 30th November 2023, arresting Abhishek Kumar Singh in connection with the ongoing investigation under the Prevention of Money Laundering Act (PMLA), 2002. This arrest marks a crucial development in the probe into the Shine City Fraud case, exposing a web of financial malpractice.
The investigation was triggered by approximately 250 FIRs registered by the Uttar Pradesh Police against Rasheed Naseem and Shine City Group of Companies. The modus operandi involved collecting a substantial amount of money, approximately Rs. 800-1000 Crore, from the public under the guise of investment. Promises of substantial returns on these investments were made, only to be shattered as the public fell victim to an elaborate fraud scheme.
The ED’s investigation uncovered the involvement of numerous agents who actively worked for the Shine City group, aiding Rasheed Naseem and the company in generating proceeds of crime. These ill-gotten gains were then transferred to various other companies and individuals. Abhishek Kumar Singh emerged as a key figure among these agents, actively assisting Rasheed Naseem in collecting, concealing, and laundering the proceeds of crime. His close association with Rasheed Naseem persisted, even continuing until the time of his arrest.
“Abhishek Kumar Singh was formally arrested on 30th November 2023 and subsequently presented before the Special Judge (SPE/CBI), a Special Court for PMLA Cases, in Lucknow, on 1st December 2023. The Hon’ble Court granted the ED custody for six days, extending until 6th December 2023”.
This arrest follows the earlier apprehension of Mrs. Shashi Bala on 25th November 2023, who remains in ED custody until 5th December 2023. The ED’s investigation has already resulted in the attachment of properties worth Rs. 128 Crore and the collection of incriminating documents during search actions. However, the main accused, Rasheed Naseem, remains at large, adding another layer of complexity to this intricate financial scandal.
“As the investigation unfolds, the ED continues its relentless pursuit of justice, striving to untangle the financial intricacies of the Shine City Fraud and hold those responsible accountable for their actions”.
