Economic Offences Wing Nabs Key Accused in Multi-Crore Shine City Real Estate Scam
In a significant development in the ongoing investigation into the Shine City real estate scam, the Economic Offences Wing (EOW) on Monday arrested a woman accused of playing a crucial role in the alleged fraud that has impacted numerous investors across several districts of Uttar Pradesh. The arrest marks a pivotal step forward in the probe into the multi-crore cheating case that has shaken the confidence of investors in the state's real estate sector.
Accused Identified as Preeti Singh from Lucknow's Jankipuram
According to an official press note released by the EOW on Monday, the arrested individual has been identified as Preeti Singh, a resident of Jankipuram in Lucknow. Singh was employed as a human resources officer at the Lucknow office of Shine City, located in Vibhuti Khand, Gomtinagar. Beyond her HR responsibilities, she held a position of significant authority within the company's operations.
Key Role in Fraudulent Transactions Uncovered
Investigators revealed that Preeti Singh served as an authorised signatory for buyers' agreements on behalf of the Shine City Group. In this capacity, she was responsible for signing buyers' registry and agreement documents, which played a key role in executing fraudulent transactions and lending an air of legitimacy to the company's dealings with unsuspecting investors. Her involvement was instrumental in facilitating the scam's operations, making her arrest a critical breakthrough for the EOW team.
Modus Operandi of the Shine City Scam
Shine City Infra Project Pvt Ltd allegedly enticed investors by promoting low-cost residential plots and other attractive investment schemes across multiple districts of Uttar Pradesh. The company's representatives, including those in official roles like Preeti Singh, persuaded individuals to invest substantial sums of money with promises of land allotment and high returns. However, the firm failed to deliver on these commitments, neither handing over the promised plots nor refunding the invested amounts, leaving investors in financial distress.
Investigation Gains Momentum with Arrest
With the arrest of Preeti Singh, the investigation into the Shine City scam has gained further momentum. The EOW is now intensifying its efforts to uncover the full extent of the fraud, which is estimated to have cheated investors of crores of rupees. Authorities are focusing on tracing the flow of funds and identifying other individuals involved in the elaborate scheme. This arrest underscores the ongoing crackdown on economic offences in Uttar Pradesh and sends a strong message against fraudulent practices in the real estate industry.
