Shine City promoter ‘fugitive eco offender'
PMLA
) in Lucknow has declared
Rashid Naseem
, the main promoter of
Shine City Group
, a
fugitive economic offender
(FEO).
The order was passed by special judge Rahul Prakash on April 30, following an application filed by the Lucknow unit of the
Enforcement Directorate
. The ED said this is the first such order in Uttar Pradesh and among the few in the country under the Fugitive Economic Offenders Act. With this ruling, Rashid Naseem joins the infamous list of 10 people, including liquor baron Vijay Mallya and diamond merchant Nirav Modi, who were declared fugitive economic offenders by Indian courts since the Act came into effect in 2018.
ED initiated a probe under the PMLA based on nearly 554 FIRs filed by the Uttar Pradesh Police against Rashid Naseem and Shine City Group. These FIRs alleged that the group collected around Rs 800 to Rs 1000 crore from unsuspecting investors through fraudulent real estate schemes and multi-level marketing by promising high returns.
ED's probe identified multiple entities and individuals involved in laundering the illegally acquired funds. So far, the agency filed four prosecution complaints and provisionally attached properties worth Rs 128 crore, identified as proceeds of crime.
by Taboola
by Taboola
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The investigation revealed that Rashid Naseem wilfully evaded the process of law, ignored repeated summons, and fled the country via Nepal. He is currently residing in Dubai. Despite the issuance of a non-bailable warrant, a look-out circular, and an Interpol red notice, Naseem refused to return to face trial.
The court concluded that Naseem left India solely to avoid prosecution and had no intention of cooperating with Indian authorities.
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