Noida:
The Enforcement Directorate (ED) today seized at least 40 percent of the shares of the hotel project in the commercial center in Noida in Uttar Pradesh.
The assets seized by ED belonged to Garden’s Galleria’s 1,40,000-square-foot Floor Space Index (FSI) hotel project.
“ED has provisionally seized a 40% share of the hotel project (1,40,000 square meters of FSI space) in the commercial center, ‘Garden’s Galleria’, Noida. The seized asset was owned by Unitech M/s Ranchero Services Limited, Cyprus, and the value of the seized asset is Rs 65.32 Crore,” the ED said in a tweet.
More details are awaited.
Earlier, on November 24, the ED had said it had provisionally seized various real estate properties in the form of 41.63 acres of land in the names of Shinecity firms. The agency said the amount of total attachment so far in the case is about Rs 49 crore.
The value of the land of 41.63 hectares stands at Rs 31.24 crore. A residential plot in the name of Amitabh Kumar Srivastava in Lucknow, valued at Rs 23.70 lakh, has also been tentatively confirmed.
These group companies are Shinecity Infraprojects, Shinecity Proxima Developers, Shinecity Shapers, Shinecity Construction in Sultanpur, Jhansi, Pratapgarh, Pindra (Varanasi), Bara (Allahabad) and Bakshi Ka Talaab (Lucknow), with a total area of 41.63 hectares.
Investigation under the Prevention of Money Laundering Act (PMLA) was initiated based on several FIRs and complaints, the agency statement said, adding that it was registered by UP police against Shine City Infra Project, Rashid Naseem, Asif Naeem, Amitabh Kumar Srivastava and others, for defrauding the general public by enticing them to invest in various lucrative schemes of the company and defrauding them of their invested amount.
The size of the proceeds of crime at this stage of the investigation is about Rs 80.78 crore.
ED also said it had already seized several properties on behalf of Shinecity Group companies in Lucknow and Varanasi. The agency said further investigations are underway.
(This story has not been edited by DailyExpertNews staff and is auto-generated from a syndicated feed.)
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