Court Reserves Verdict on Sanjay Singh’s Bail Plea in Money Laundering Case

Court Reserves Verdict on Sanjay Singh's Bail Plea in Money Laundering Case

Asif Iqbal | December 12, 2023 | 09:54 PM IST | Courts & Law | Follow on Google News

Court Reserves Verdict on Sanjay Singh’s Bail Plea in Money Laundering Case.image/PTI

Court Reserves Verdict on Sanjay Singh’s Bail Plea in Money Laundering Case

The Enforcement Directorate (ED) has made a significant arrest in connection with a money laundering case related to Shine City fraud, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The investigation began following approximately 250 FIRs lodged by Uttar Pradesh Police against Rasheed Naseem and Shine City Group of Companies.

The group allegedly amassed a substantial sum of money, approximately Rs 800-1000 crore, from the public through promises of high returns on investments, ultimately defrauding investors.ED’s probe unveiled the involvement of several agents who actively worked for Shine City, enticing investors and aiding in generating proceeds of crime. It was discovered that these ill-gotten gains were transferred to various companies and individuals.

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According to the ED, Durga Prasad emerged as a key figure among these agents, holding over 100 properties on behalf of Shine City. These properties were allegedly acquired using the proceeds of crime.On December 11, 2023, Durga Prasad was arrested and presented before the Special Judge (SPE / CBI) (Special Court for PMLA Cases) in Lucknow.

Subsequently, the court granted ED custody for six days until December 18. This marks the third arrest in this case, following the apprehension of Shashi Bala on November 25, 2023, and Abhishek Kumar Singh on November 30, 2023.

The ongoing ED investigation has led to the attachment of properties worth Rs 128 crore and the retrieval of incriminating documents during search operations.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.