Rashid Naseem of Shine City Group Declared Fugitive Economic Offender by Special Court
The Directorate of Enforcement’s (ED) Lucknow Zonal Office has taken significant action against Rashid Naseem, the promoter of Shine City Group. On September 25, 2024, the Special Court (PMLA) in Lucknow, Uttar Pradesh, accepted an application to declare Naseem as a Fugitive Economic Offender under the Fugitive Economic Offender Act (FEOA), 2018.
Naseem is wanted in a money laundering case and has been absconding since 2019. The ED has also requested the confiscation of movable and immovable assets worth Rs 127.98 crore belonging to Naseem, his associates, and companies controlled by them.
The investigation revealed that Naseem has left India and is currently residing in Dubai, United Arab Emirates (UAE). He has not returned to India to face legal proceedings. As a result, a non-bailable warrant of arrest, Look Out Circular, and Red Corner Notice of Interpol have been issued against him.
The ED’s investigation began after approximately 554 FIRs were registered by the Uttar Pradesh Police against Rashid Naseem and Shine City Group of Companies. They had collected around Rs 800-1000 crore from the public under the guise of investment, promising huge returns but ultimately committing fraud.
The ED has filed four Prosecution Complaints in this case and identified properties/assets as proceeds of crime, with total attachments amounting to Rs 189.39 crore.
Doubts Revealed
Rashid Naseem -: Rashid Naseem is a person who started a company called Shine City Group. He is in trouble with the law for taking people’s money and not giving it back.
Shine City Group -: Shine City Group is a company that was supposed to help people buy land and homes, but it is now in trouble because it took money from people and did not give them what they paid for.
Fugitive Economic Offender -: A Fugitive Economic Offender is someone who has run away to another country to avoid being caught for doing something wrong with money, like stealing or cheating.
Special Court -: A Special Court is a type of court that deals with very specific kinds of cases, like those involving big financial crimes.
Directorate of Enforcement -: The Directorate of Enforcement, or ED, is a government agency in India that looks into crimes related to money, like money laundering.
Lucknow Zonal Office -: The Lucknow Zonal Office is a branch of the Directorate of Enforcement located in Lucknow, a city in India.
Money laundering -: Money laundering is when someone takes money earned from illegal activities and makes it look like it came from legal sources.
Absconding -: Absconding means running away or hiding to avoid being caught by the police or authorities.
Dubai, UAE -: Dubai is a city in the United Arab Emirates (UAE), a country in the Middle East.
Assets worth Rs 127.98 crore -: Assets worth Rs 127.98 crore means things like money, property, or other valuable items that add up to 127.98 crore rupees, which is a very large amount of money.
Confiscation -: Confiscation means taking away someone’s property or money by the government because they did something illegal.
Warrants and notices -: Warrants and notices are official papers from the court or police telling someone they need to come to court or that they are in trouble with the law.
