Rashid Naseem Declared Fugitive Economic Offender, Rs 127.98 Crore Assets Seized

The Enforcement Directorate has filed to declare Rashid Naseem, of Shine City Group, a Fugitive Economic Offender. Assets worth Rs 127.98 crore are being confiscated. Naseem, wanted since 2019, is in Dubai. Non-bailable warrants and Interpol notices are issued as investigations reveal fraud involving over Rs 800 crore.

The Directorate of Enforcement (ED) in Lucknow has moved the Special Court under the Fugitive Economic Offender Act (FEOA), 2018, seeking the declaration of Rashid Naseem, promoter of Shine City Group, as a Fugitive Economic Offender. The ED also urged for the confiscation of movable and immovable assets worth Rs 127.98 crore belonging to Naseem, his associates, and their controlled companies.

Naseem is on the run since 2019 over a money laundering case. The Special Court accepted the ED's application on September 25, 2024, beginning the process of officially declaring him as a Fugitive Economic Offender and seizing his properties. Investigations revealed that Naseem has left India and is currently residing in Dubai, UAE.

Authorities have issued non-bailable warrants, Look Out Circulars, and an Interpol Red Corner Notice against Naseem for evading justice. The probe began after over 550 FIRs were registered by Uttar Pradesh Police, alleging that Naseem and Shine City Group amassed Rs 800-1000 crore from the public under false investment promises. Subsequent ED investigations have led to multiple prosecution complaints and the identification of properties linked to the crime, totaling attached assets worth Rs 189.39 crore.

(With inputs from agencies.)