Particle.news
Download on the App Store
3 ARTICLES
·
5mo 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.

Image
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.