New Delhi [India], September 26 : The Directorate of Enforcement's (ED) Lucknow Zonal Office filed an application under the relevant section of the Fugitive Economic Offender Act (FEOA), 2018 before the Special Court (PMLA), Lucknow, Uttar Pradesh, for the declaration of Rashid Naseem, promoter of Shine City Group, as Fugitive Economic Offender.
The enforcement agency also prayed for confiscation of the movable and immovable assets of Rashid Naseem, his associates, and companies controlled by them worth Rs 127.98 crore.
Naseem is wanted in a money laundering case and is absconding since 2019.
The Special Court has accepted the application and initiated the process on September 25, 2024.
Now, the process of declaring Rashid Naseem as a Fugitive Economic Offender by the Special Court and Confiscation of properties has been initiated.
ED investigation under FEOA has revealed that Rashid Naseem has left India, and it is conclusively ascertained that he is residing in Dubai, United Arab Emirates (UAE).
ED said that he is not returning to India to face due process of law. Non-bailable warrant of arrest, Look Out Circular and Red Corner Notice of Interpol have been issued against Rashid Naseem.
ED had initiated the investigation based on approximately 554 FIRs registered by Uttar Pradesh Police against Rashid Naseem and Shine City Group of Companies, wherein they had collected a huge amount of money which was approximately Rs 800-1000 crore from the public in the name of investment.
"They promised huge returns on such investments and finally cheated the investors by way of committing fraud," ED said.
Thereafter, the ED investigated and identified accused persons and companies involved in the offence of money laundering.
Further, the investigation has found Rashid Naseem to be involved in the offence of money laundering and accordingly, four Prosecution Complaints have been filed in this case.
Further, an investigation by ED has identified properties/assets which are Proceeds of crime, and the quantum of total attachment made so far in this case stands at Rs 189.39 Crore.
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