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A special court in Lucknow has declared Shine City Group promoter Rashid Naseem a fugitive economic offender under the FEOA 2018, following allegations of INR 800-1,000 crore fraud through real estate and MLM schemes. The Enforcement Directorate, acting on 554 FIRs filed in Uttar Pradesh, has attached assets worth INR 128 crore for confiscation. Naseem, absconding since 2019 and believed to be in Dubai, failed to respond to a Red Notice and non-bailable warrant. The ED's move aims to recover defrauded funds and deliver justice to investors, highlighting the critical need for regulatory oversight and investor caution in real estate ventures.
A special court in Lucknow has declared Rashid Naseem, promoter of Shine City Group, a fugitive economic offender under the Fugitive Economic Offenders Act (FEOA) of 2018. This decision follows allegations of a large-scale fraud involving INR 800-1,000 crore collected from investors through real estate schemes and multi-level marketing. Advertisement
The Enforcement Directorate (ED) initiated a probe after taking cognizance of 554 FIRs registered by the Uttar Pradesh Police against Naseem and the Shine City Group. These FIRs alleged that the group collected funds from the public with promises of high returns, which were not fulfilled.
With the court's declaration, the ED is now authorized to confiscate assets worth approximately INR 128 crore that have been attached as part of the money laundering investigation. These assets include residential and commercial properties linked to the accused.
Naseem has been absconding since 2019 and is believed to be residing in Dubai, UAE. Despite the issuance of a non-bailable warrant, a lookout circular, and an Interpol Red Notice, he has not returned to India to face legal proceedings.
The ED's actions aim to bring justice to the defrauded investors. By confiscating the assets of the accused, the agency seeks to recover funds that can potentially be returned to the victims of the fraud.
This case underscores the importance of regulatory vigilance in the real estate sector and the need for investors to exercise due diligence before committing funds to investment schemes.
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