Shine City Scam Kingpin Declared Fugitive Economic Offender; ₹127.98 Crore Assets to Be Confiscated
(Judicial Quest News Network)
In a major crackdown on economic fugitives, the Directorate of Enforcement (ED), Lucknow Zonal Office, has secured a landmark order from the Hon’ble Special Court (PMLA), Lucknow, declaring Rashid Naseem—the main promoter of the Shine City Group—as a Fugitive Economic Offender (FEO) under Section 12(1) of the Fugitive Economic Offenders Act, 2018. The order, issued by Hon’ble Judge Sh. Rahul Prakash on April 30, 2025, also initiates the process for confiscation of properties worth ₹127.98 crore identified as proceeds of crime.
The ED launched its investigation under the Prevention of Money Laundering Act (PMLA), 2002, following the registration of around 554 FIRs by the Uttar Pradesh Police against Naseem and his group of companies. The FIRs reveal a large-scale financial fraud, where public investments totalling ₹800–1000 crore were duped through fake real estate schemes and deceptive multi-level marketing plans that promised unrealistically high returns.
According to the ED, Rashid Naseem played a central role in orchestrating the scam, funnelling illicit funds through a web of companies. Despite multiple summons, he absconded from India via Nepal and is currently residing in Dubai, UAE. Investigators say he has deliberately avoided the legal process, ignoring a Non-Bailable Warrant, Look Out Circular, and even a Red Corner Notice issued by Interpol.
To bring him to justice, the ED filed an application under Sections 4 and 12 of the Fugitive Economic Offenders Act, 2018. After reviewing the case, the court found that Naseem fled India to escape prosecution and has consistently refused to return to face legal proceedings.
With this declaration, confiscation proceedings for the attached properties worth ₹127.98 crore will now move forward, signalling a stern message to economic offenders attempting to evade Indian law.
