Shine City Group promoter U.P’s first to be declared ‘fugitive economic offender’ in ₹1,000 crore scam
“Rashid Naseem has intentionally avoided investigation and remains abroad despite all legal efforts for his return,” a senior ED official said.
Lucknow special court of Prevention of Money Laundering Act (PMLA) has declared Shine City Group promoter Rashid Naseem a fugitive economic offender (FEO) in a ₹1,000 crore real estate and investment scam, making him the first individual in Uttar Pradesh to be designated under the Fugitive Economic Offenders Act, 2018. The order was passed on Wednesday by special Judge (PMLA) Rahul Prakash on the Enforcement Directorate’s plea, which cited Naseem’s continued evasion and confirmed absence abroad despite multiple warrants and an Interpol Red Notice.
This declaration adds Rashid Naseem to a list that includes high-profile fugitives like Vijay Mallya and Nirav Modi, who have been declared FEOs since 2018.
The court’s decision now empowers the ED to initiate the confiscation of Naseem’s assets under the provisions of the FEO Act.
According to ED officials, Rashid had been evading investigation and did not respond to multiple summons. He fled India via Nepal and is believed to be residing in Dubai, UAE. Despite a non-bailable warrant, look out circular, and a red corner notice issued by Interpol, Naseem has refused to return to India to face criminal proceedings.
“Rashid Naseem has intentionally avoided investigation and remains abroad despite all legal efforts for his return,” a senior ED official said.
The court, after reviewing documents and evidence submitted by the ED, concluded that Naseem left the country to avoid prosecution. The ED had filed an application under Section 4 read with Section 12 of the Fugitive Economic Offenders Act, 2018, seeking both the declaration of FEO and the confiscation of his assets.
The court found that all provisions under Section 4(2) of the FEO Act and Rule 3 of the Fugitive Economic Offenders (Application for Declaration) Rules, 2018, had been met.
The ED’s investigation stems from around 554 FIRs filed by the Uttar Pradesh Police against Rashid Naseem and Shine City Group. The FIRs allege that the group lured thousands of investors into fraudulent real estate and multi-level marketing schemes, collecting public funds worth nearly ₹1,000 crore under the promise of high returns.
Investigations have revealed that the money was laundered through a complex web of entities. The ED has so far filed four chargesheets in connection with the case and provisionally attached properties worth ₹127.98 crore identified as proceeds of crime.
