Latest news with #ShineCityGroup
Time of India
03-05-2025
- Business
- Time of India
Lucknow court declares Shine Group promoter fugitive economic offender
LUCKNOW : A special PMLA court here has declared Rashid Naseem , the main promoter of city-based Shine City Group , as a fugitive economic offender in a case linked to alleged fraud of Rs 800-Rs 1,000 crore against depositors, the ED said. The court issued the order on April 30 under Section 12(1) of the Fugitive Economic Offenders Act (FEOA) of 2018, the federal probe agency said in a statement issued on Thursday. The FEOA is aimed to bring to justice those people who have left India to evade the clutches of law after committing fraud with a benchmark value of at least Rs 100 crore. With this order, the agency can now move to "confiscate" assets worth about Rs 128 crore that have been attached by it as part of a money laundering investigation against the company, its promoters and others. The probe relates to a Prevention of Money Laundering Act (PMLA) case initiated after the ED took congisance of 554 FIRs registered by the Uttar Pradesh Police against Naseem and the Shine City group of companies. "The FIRs alleged large-scale fraud wherein public funds of Rs 800-Rs 1,000 crore were collected through fraudulent real estate schemes and multi-level marketing with promises of high returns. The investors were ultimately cheated," the ED said. Naseem, according to the agency, "deliberately" evaded the investigation, failed to appear despite issuance of summons, and ultimately absconded from India via Nepal and is currently residing in Dubai, UAE. Despite issuance of a non-bailable warrant, a look out circular (LOC) , and a Interpol Red Notice, Naseem "refused" to return to India to face criminal proceedings, it said. The agency, hence, filed an application seeking to get declared Naseem a fugitive economic offender under the FEOA. The ED said the court declared Naseem an offender under the law as it concluded that he has left India to "avoid" criminal prosecution and being abroad he has refused to return to face legal proceedings. "Rashid Naseem has been declared a fugitive economic offender and the confiscation proceedings for attached properties worth Rs 127.98 crore shall now proceed before the court as per law," the ED said. The agency has attached assets worth Rs 127.98 crore as part of the money laundering probe and has filed four chargesheets till now. With this order, a total of 15 people have been declared fugitive economic offenders by different courts, including liquor baron Vijay Mallya and diamond trader Nirav Modi. The agency has filed 24 such applications including against diamantaire Mehul Choksi who was recently arrested in Belgium.
Time of India
02-05-2025
- Business
- Time of India
Lucknow court declares Shine Group promoter fugitive economic offender
A special PMLA court here has declared Rashid Naseem , the main promoter of city-based Shine City Group , as a fugitive economic offender in a case linked to alleged fraud of Rs 800-Rs 1,000 crore against depositors, the ED said. The court issued the order on April 30 under Section 12(1) of the Fugitive Economic Offenders Act (FEOA) of 2018, the federal probe agency said in a statement issued on Thursday. #Pahalgam Terrorist Attack India's Rafale-M deal may turn up the heat on Pakistan China's support for Pakistan may be all talk, no action India brings grounded choppers back in action amid LoC tensions The FEOA is aimed to bring to justice those people who have left India to evade the clutches of law after committing fraud with a benchmark value of at least Rs 100 crore. With this order, the agency can now move to "confiscate" assets worth about Rs 128 crore that have been attached by it as part of a money laundering investigation against the company, its promoters and others. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The probe relates to a Prevention of Money Laundering Act (PMLA) case initiated after the ED took congisance of 554 FIRs registered by the Uttar Pradesh Police against Naseem and the Shine City group of companies. "The FIRs alleged large-scale fraud wherein public funds of Rs 800-Rs 1,000 crore were collected through fraudulent real estate schemes and multi-level marketing with promises of high returns. The investors were ultimately cheated," the ED said. Live Events Naseem, according to the agency, "deliberately" evaded the investigation, failed to appear despite issuance of summons, and ultimately absconded from India via Nepal and is currently residing in Dubai, UAE. Despite issuance of a non-bailable warrant, a look out circular (LOC) , and a Interpol Red Notice, Naseem "refused" to return to India to face criminal proceedings, it said. The agency, hence, filed an application seeking to get declared Naseem a fugitive economic offender under the FEOA. The ED said the court declared Naseem an offender under the law as it concluded that he has left India to "avoid" criminal prosecution and being abroad he has refused to return to face legal proceedings. "Rashid Naseem has been declared a fugitive economic offender and the confiscation proceedings for attached properties worth Rs 127.98 crore shall now proceed before the court as per law," the ED said. The agency has attached assets worth Rs 127.98 crore as part of the money laundering probe and has filed four chargesheets till now. With this order, a total of 15 people have been declared fugitive economic offenders by different courts, including liquor baron Vijay Mallya and diamond trader Nirav Modi. The agency has filed 24 such applications including against diamantaire Mehul Choksi who was recently arrested in Belgium.
Time of India
01-05-2025
- Business
- Time of India
Shine City promoter ‘fugitive eco offender'
Lucknow: A Special Court ( 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 Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scarlett Johansson, 40, Shows Off Her Real Size In A New Vacation Photos 33 Bridges Undo 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.
Time of India
01-05-2025
- Business
- Time of India
Shine City promoter declared fugitive economic offender
Lucknow: A Special Court ( 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 Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scarlett Johansson, 40, Shows Off Her Real Size In A New Vacation Photos 33 Bridges Undo 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.
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.
