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HomeCyber Crime12 Ex-Employees Of Shine City Arrested Before Launching Ponzi Crypto Coin

12 Ex-Employees Of Shine City Arrested Before Launching Ponzi Crypto Coin

NOIDA: The Special Task Force (STF) Of Uttar Pradesh has arrested 12 members of alleged fraudulent group Shine City group which were going to launch cryptocurrency – Coin Cake Exchange and Virtual coin.

Shine City Group, which was dealing in multi-level marketing and real estate defrauded investors of Rs 237 crores and for which 284 FIRs have been registered. They promised huge returns in a short time and later defrauded investors.

According to the PIL, the accused members of the Shine City Group misled and cheated more than 10 million Uttar Pradesh investors out of more than Rs 60,000 crore (roughly $8 billion USD), and more than 2,500 FIRs have been filed against them and their companies in the conglomerate. Since July 2019, one of the accused has allegedly been missing from India.

Team of STF got information that some of the former employee of Shine including their business manager were now going to commit another crime by launching Coin Cake Exchange and Virtual Coin on October 7th,2021.

The 12 members were arrested from Hotel Park Ascent, Sector 62, Noida on October 8.

It was revealed in the police investigation, that one of the accused Ashish Kumar had completed his MBA in Foreign Trade as Market Investment from Cambridge University in 2011.

In 2018, he came to India and became the Technical Head in Shine City Group. Later in 2019, the owner of Shine City group Rashid Naseem closed the company and left the country without any notice.

Rashid, before leaving the country had also launched Shine Virtual Coin and has told his employees that virtual coin has a lot of profit these days. Rashid had cheated a huge sum of money from the people through the virtual coin programme.

Taking this in mind, both the former employees made a plan for a virtual coin launch. Police claims that it was going to be a ponzi scheme and with the new product they were going to cheat people.

Those arrested have been identified as:

1. Vikram Singh – Lucknow – Former Senior Manager Vikrant Team Shine City

2. Ashish Kumar – Gautambudhnagar – Former Technical Head Shine City

3. Manjit Singh – Amritsar, Punjab – Former Associate Shine City

4. Ranjit Singh – Amritsar, Punjab – Former Associate Shine City

5. Shailesh Kumar Rai – Gopalganj, Bihar – Former Associate Shine City

6. Sandeep Soloman – Kanpur

7. Nishant Kumar – Muzaffarnagar – Director Coin Cake Exchange

8. Dheeraj Nigam – Kanpur – Former Associate Shine City

9. Arvind Kumar Mishra – Jharkhand

10. Vipul Kumar Singh – Jharkhand

11. Indrajeet Yadav – Sultanpur – Former Associate Shine City

12. Puja Kannaujia – Lucknow – Former Associate Shine City

Shambhavi Singh
The writer is a confident speaker with an irresistible affinity for stage and the zest to write. Currently pursuing History Honours from Miranda House, University of Delhi. She is an opinionated bird from the holy city of Varanasi who has been in love with exploring and learning about culture and heritage from the very beginning. She love writing in every niche because the pen and paper are magical.

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