Lucknow, May 28 (IANS): The economic offences wing (EOW) of the UP Police have arrested one, Faiz Ahmed who was appointed as the director in Prayagraj-based Shine City Company dealing in real estate.
His aide, Shailendra Patel, has also been arrested.
More than 200 FIRs have been lodged against Shine City in different districts of Uttar Pradesh and are currently being investigated by the EOW.
The Enforcement Directorate (ED) had lodged a case under the Money Laundering Act against the firm in January 2021.
The agency has also seized its property worth Rs 100 crore in different districts of the state.
Special DG, law and order, Prashant Kumar said that one Chandra Prakash Tiwari was duped of Rs 28 lakh on the pretext of doubling the amount in 15 months by the accused in Civil Lines area police station of Prayagraj on September 30, 2020.
Later, by the order of the home department, all the cases pertaining to Shine City were handed over to the EOW.
During the course of investigation by the EOW, the names of the two accused had surfaced.
"Faiz Ahmad used to pose as the director of the real estate firm Shine City," said Kumar.
The EOW officials said that the real estate company had floated several illegal schemes through a multi-level marketing network.
"It was found that Shine City companies had bought land from farmers in large chunks and sold them in the form of small plots. However, a multitude of investors could neither get land nor their money back," said EOW officials.
The EOW said it also surfaced that Shine City companies had also acquired and sold land in other locations in Uttar Pradesh, Bihar and West Bengal. The collection of the data and sale deeds from the respective property registration authorities is in progress to ascertain the details of the land.