Enforcement Directorate Targets Fugitive Economic Offender

The Enforcement Directorate (ED) is set to confiscate assets of Rashid Naseem, promoter of Shine City Group, alleged to have defrauded investors of Rs 800-1,000 crore. The Lucknow PMLA court has accepted the ED's plea to declare him a fugitive economic offender. Naseem, currently residing in Dubai, faces severe legal consequences.

The Enforcement Directorate (ED) is gearing up to confiscate the assets of Rashid Naseem, the promoter of the Lucknow-based Shine City Group, who is accused of defrauding numerous investors out of Rs 800-1,000 crore.

The court's acknowledgment of the ED's plea to declare Naseem a fugitive economic offender marks a significant step forward in the case. Under the Fugitive Economic Offender Act (FEOA), the ED also seeks to confiscate the movable and immovable assets of Naseem and his associates, valued at Rs 127.98 crore.

With Rashid Naseem evading India's legal system and residing in Dubai, the ED has issued multiple warrants and notices against him. This case forms part of a larger crackdown under the FEOA, initiated by the Narendra Modi government to curb high-value economic fraud.

(With inputs from agencies.)