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3w ago

Shine City Promoter Rashid Naseem Declared Fugitive Economic Offender in ₹1,000 Crore Scam

A Lucknow court's ruling makes Naseem the first in Uttar Pradesh to be designated under the Fugitive Economic Offenders Act, empowering authorities to confiscate his assets.

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It was revealed that Naseem deliberately evaded the investigation, failed to appear despite issuance of summons. (@dir_ed | Official X account)
The court’s decision now empowers the ED to initiate the confiscation of Naseem’s assets under the provisions of the FEO Act. (Sourced)

Overview

  • Rashid Naseem, promoter of Shine City Group, has been declared a Fugitive Economic Offender (FEO) by a Lucknow Special Court under the Fugitive Economic Offenders Act, 2018.
  • The designation allows the Enforcement Directorate (ED) to seize domestic and overseas assets linked to Naseem, with provisional attachments already totaling ₹266.70 crore.
  • Naseem is accused of orchestrating a ₹1,000 crore Ponzi scheme disguised as real estate investments, defrauding thousands of investors with promises of high returns.
  • The ED’s investigation stems from 554 FIRs filed by the Uttar Pradesh Police, uncovering a complex money laundering network involving multiple entities and individuals.
  • Despite legal efforts, Naseem remains abroad, reportedly in Dubai, after fleeing India via Nepal, with Interpol Red Notices and warrants issued for his extradition.