The Enforcement Directorate (ED) officers on Friday raided 20 premises in Delhi, Uttar Pradesh and Maharashtra as part of a money laundering probe against a Lucknow-based company and its promoters who allegedly duped numerous investors by promising lucrative returns, official sources said.
The action is being carried out against Shine City Properties Ltd. and those linked to it in a fraud investment scheme estimated at ₹800 crore, they said.
Around 20 locations in Delhi, Varanasi, Prayagraj and Lucknow in Uttar Pradesh and Mumbai in Maharashtra are being covered in the raids as part of this case being probed under the Prevention of Money Laundering Act (PMLA). The money laundering case stems from some UP Police FIRs.
It is alleged that the company, its promoters and linked accused, including Rashid Naseem, Asif Naseem, Amitabh Kumar Srivastava and Meera Srivastava, "cheated" people by luring them to invest in various lucrative schemes floated by the company, the ED had said in October.
Assets worth more than ₹128 crore have been attached in this case till now.
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