Shine City Group Promoter Rashid Naseem Declared Fugitive Economic Offender.


01 May 2025
In a significant development, the Special Court (PMLA) in Lucknow, Uttar Pradesh, has declared Rashid Naseem, the main promoter of the Shine City Group, a Fugitive Economic Offender (FEO) under the Fugitive Economic Offenders Act, 2018. The order, dated April 30, 2025, paves the way for the confiscation of his properties worth Rs. 127.98 Crore, which have been provisionally attached by the Directorate of Enforcement (ED).

The ED initiated its investigation based on approximately 554 FIRs registered by the Uttar Pradesh Police against Rashid Naseem and the Shine City Group. These FIRs alleged a massive fraud involving the collection of an estimated Rs. 800-1000 Crore from the public through deceptive real estate schemes and multi-level marketing promises of high returns, ultimately resulting in investors being defrauded.


 

 

The ED's investigation identified Rashid Naseem as a key accused involved in laundering the illegally obtained funds. The agency has filed four Prosecution Complaints in the case and has already provisionally attached properties identified as proceeds of crime.

Crucially, the investigation revealed that Rashid Naseem deliberately evaded the ongoing inquiry. Despite multiple summons, he failed to appear and subsequently absconded from India via Nepal. He is currently residing in Dubai, UAE. Despite the issuance of a Non-Bailable Warrant, a Look Out Circular, and even a Red Notice by Interpol, Naseem has refused to return to India to face the criminal charges against him. Consequently, the ED filed an application seeking his declaration as a Fugitive Economic Offender under the FEOA, 2018.

After a thorough examination of the evidence presented and ensuring compliance with the statutory provisions of the FEOA and its related rules, the Special Court concluded that Rashid Naseem had indeed left India to avoid criminal prosecution and, while residing abroad, has refused to return to face legal proceedings. The Court noted that the ED had successfully fulfilled all the necessary requirements under Section 4(2) of the FEOA and Rule 3 of the Fugitive Economic Offenders (Application for Declaration) Rules, 2018.

Based on these findings, Rashid Naseem has been officially declared a Fugitive Economic Offender. This declaration now allows the confiscation proceedings for his attached properties, valued at Rs. 127.98 Crore, to proceed before the Hon'ble Court in accordance with the law.