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.