Shine City Operators’ Hidden Wealth Comes to Light

The Enforcement Directorate (ED) is intensifying its probe into the Shine City fraud case, uncovering several valuable assets that had previously escaped detection. Investigations reveal that Rashid Naseem, the principal operator of Shine City, amassed significant benami (proxy) properties with the help of his associates and agents. These properties, acquired through fraudulent companies, were used for substantial investments in real estate across major cities like Mumbai and Delhi.

Imminent Asset Seizures and Further Investigations

Numerous properties have been identified and are set to be seized shortly. Sources indicate that the ED is preparing to interrogate imprisoned agents for additional information about these assets. Previous raids yielded crucial documents related to investments made through bogus companies.

₹29.11 Crore Asset Seized

The ED has confiscated assets worth ₹29.11 crore belonging to Himanshu Kumar, a close associate of Rashid Naseem, who heads Shine City Infra Project Private Limited. Further investigations are underway to determine if additional properties owned by Kumar were also purchased with funds fraudulently obtained from Shine City investors. To date, the ED has seized assets totaling ₹189.39 crore in connection with this case. In November 2023, the ED arrested Shashi Bala, an agent of Naseem, following extensive searches that revealed documents linked to previously unknown assets.

The ongoing investigation continues to uncover more about the network of fraudulent investments and hidden wealth connected to Shine City’s operations.