The Vice President of Shine City Manish Jaiswal who committed a scam worth nearly over 1000 crores along with the CMD of the company has been arrested from his Vikas Nagar residence by the Lucknow police.
He and others had allegedly defrauded people of crores of rupees by luring them to make investments in plots and share markets on the assurance that money would soon get tripled. Manish was carrying a reward of RS 50,000.
The police had been searching for him for long.
ADCP North Jitendra Kumar Dubey said cases of fraud had been registered against the accused at Lucknow and Prayagraj.
Police said Manish had the knack of convincing people to make investments and providing plots and properties at very low prices in installments.
This would triple their money, Manish told gullible investors.
More than 500 cases have been registered against this company in UP and 62 persons were in jail.
The company’s CMD Rashid Naseem carries a reward of Rs 5 lakh on his head.
Police said, Rashid frequently changed his location and this was the reason he was not getting arrested.
The Shine City fraud first came into the limelight in 2013 leading to as many as 554 cases of forgery and criminal breach of trust that were registered at several police stations in Lucknow.
If sources are correct the CMD Rashid Naseem was hiding in a gulf country.
However, a search for him was still on as neither the police nor the people who had lost tons of money wanted to give up.