Breaking News Allahabad HC orders arrest of directors of Shine City...

Allahabad HC orders arrest of directors of Shine City Company for defrauding investors of crores of rupees

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Allahabad, Oct 8 (ILNS) The Allahabad High Court on Monday, ordered the arrest of the main accused director Rashid Naseem and his brother Asif Naseem and others accused of the Shine City Company, which fraudulently took away crores of rupees from hundreds of investors.

The Division Bench comprising Acting Chief Justice Munishwar Nath Bhandari and Justice Piyush Agrawal passed this order while hearing a petition filed by Shriram Ram.

In this case, on January 19, 2021, the Court passed a detailed order showing the default of the Police and Economic Offences Wing in regard to the FIRs registered in the year 2019 onwards involving 1647 investors. The total amount involved in those FIRs is amounting to Rs. 237 crores and odd for which 284 FIRs have been registered.

The court has been informed that two main accused are out of the country and the passport of one accused has been cancelled by the Ministry of External Affairs.

The bench failed to understand why the request for cancellation of passport was not made immediately when 284 FIRs were registered against the accused and why the Ministry of External Affairs has cancelled only one passport out of two while requests were sent by the Police simultaneously.

The Court found that despite the cancellation of passports, the information to the Embassy of the foreign country, where the accused are residing, has not been given so as to deport them. It is also that one accused, who is represented through the counsel in this proceeding and is available in India has not yet been arrested.

The Court was not happy about the working of the Police and Economic Offences Wing, however, on the request of Manish Goyal, Additional Advocate General, the court adjourned the matter for two weeks to see further efforts of the Police / Economic Offences Wing to arrest the two main accused apart from others against whom warrants of arrest have been issued.

“Respondents would be expected to send a copy of the order to the Ministry of External Affairs to know about the proceedings and the order passed therein.

It is taking immediate action for cancellation of passports of other accused and information to the concerned Embassy.

Let the petition be listed again on October 22, 2021, on which date again the Director, Economic Offences Wing shall remain present in the Court”, the Court ordered./ILNS/AP/SNG/

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