Latest news with #FEOAct
Time of India
2 days ago
- Business
- Time of India
Delhi court declares arms dealer Sanjay Bhandari fugitive
New Delhi: A special court here on Saturday declared absconding arms dealer Sanjay Bhandari a fugitive economic offender (FEO), finding force in the Enforcement Directorate 's (ED) case accusing him of money laundering . Significantly, the Court did not find "any substance" in the ground taken by Bhandari's counsel that since the UK High Court (in February) turned down the Indian government's extradition request , Bhandari has a right to reside in the UK. The court rejected the argument of Bhandari's counsel that the failure of India's extradition request in the UK High Court in February gave him the right to reside in the UK. "Extradition attempt may have failed, but it will not make the accused an angel or immune from prosecution for the violation of Indian laws," it observed in its detailed order. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like One of the Most Successful Investors of All Time, Warren Buffett, Recommends: 5 Books for Turning... Blinkist: Warren Buffett's Reading List Click Here Undo The court said it is "satisfied" that Bhandari - against whom a non-bailable warrant stands issued by a Delhi Court under the Black Money Act and who has committed schedule offence or offence(s) involving an amount of ₹100 crore or more - has left India to avoid criminal prosecution and that "he wilfully refuses" to return to face prosecution. "FEO proceedings are another way of making one come back to India to face trial by coercing him to return by attachment, confiscation of the properties of such fugitive economic offender and proceeds of crime and by dis-entitling such fugitive economic offender from putting forward or defending any civil claim," the order said. Live Events Bhandari "always has an option to return back to India to get the termination of proceedings under FEO Act and to avoid adverse consequences," it clarified. Therefore, when he chooses not to return, "he cannot take the plea of avoiding all the legal consequences including that of Section 14 of the FEO Act," the special court said.
Hindustan Times
01-05-2025
- Business
- Hindustan Times
Shine City Group promoter U.P's first to be declared ‘fugitive economic offender' in ₹1,000 crore scam
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.
