ED Pursues Rashid Naseem: Fugitive Economic Offender in Rs. 127.98 Crore Scam.
26 September 2024
The Directorate of Enforcement (ED) in Lucknow has filed an application under the Fugitive Economic Offender Act (FEOA), 2018, seeking to declare Rashid Naseem, the promoter of Shine City Group, a Fugitive Economic Offender. The Special Court accepted the application on September 25, 2024, initiating proceedings for the confiscation of assets worth Rs. 127.98 Crore linked to Naseem and his associates.
The investigation began after the Uttar Pradesh Police registered around 554 FIRs against Naseem and his company, alleging they defrauded the public of Rs. 800-1000 Crore through false investment promises. The ED has since identified several individuals and companies involved in this money laundering scheme and filed four Prosecution Complaints. So far, assets valued at Rs. 189.39 Crore have been attached as proceeds of crime.
Investigations revealed that Rashid Naseem has fled India and is believed to be residing in Dubai, UAE, and he has not returned to face legal action. Non-bailable arrest warrants, a Look Out Circular, and a Red Corner Notice from Interpol have been issued against him. The process to officially declare him a Fugitive Economic Offender is underway, while further investigations continue.