Saturday | May 31 2025 | 02:18:44 PM
New Delhi, May 5
Rashid Naseem, promoter of real estate firm Shine City, absconding since 2019, has been declared a fugitive economic offender (FEO) by a Lucknow court on the Enforcement Directorate’s (ED) request.
ED informed thay Lucknow special prevention of money laundering act court declared Naseem the main promoter of Shine City Group as a FEO on April 30.
ED had initiated investigation against him based on approximately 554 first information reports filed by Uttar Pradesh Police in which it is alleged amounts worth ₹800–1000 crore was collected through fraudulent real estate schemes and multi-level marketing by Naseem and Shine City, with promises of high returns. The investors were ultimately cheated.
The agency has filed four charge sheets in this case so far.
The officials further added that Naseem 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.
He had allegedly fled from India in 2019, ED added.
The officials said that Naseem is the 15th fugitive to be declared FEO.
The list includes diamantaire Nirav Modi, former liquor baron Vijay Mallya, Sterling Biotech’s Nitin, Chetan and Dipti Sandesara; and Iqbal Mirchi’s wife Hajra Iqbal Menon and her sons – Zunaid and Asif. Overall, ED has till date approach courts to declare 26 individuals as FEOs. Its requests against Modi’s uncle Mehul Choksi, arms dealer Sanjay Bhandari and promoters of Mahadev app – Sourabh Chandrakar and Ravi Uppal are pending in courts.
