Funds were raised in Ponzipyramid schemes under the guise of real estate investments and later layered, transferred, and used to acquire various movable and immovable properties which were held in the name of Shine City companies : ED
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The accused persons, associates & promoters incorporated several companies and collected funds from the public in Ponzi-pyramid scheme under the guise of investment in real estate sector and other attractive schemes : ED
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ED initiated investigation based on approximately 554 FIRs registered by Uttar Pradesh Police against Rashid Naseem and Shine City Group of Companies, wherein they had collected huge amount of money which was approximately Rs. 800-1000 Crore from the public
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