Breaking: Real Estate Promoter Naseem Declared Fugitive Economic Offender
ED seeks declaration of Rashid Naseem as a fugitive economic offender
In a major blow to Rashid Naseem, the promoter of Shine City Group, a special court in Lucknow under the Prevention of Money Laundering Act (PMLA) has declared him a fugitive economic offender (FEO). This designation comes under the Fugitive Economic Offenders Act, 2018, making Naseem the first individual in Uttar Pradesh to receive this status[1][2].
Naseem, who has been absconding since 2019, is the 15th fugitive to be declared an FEO. The list includes well-known personalities like Nirav Modi, Vijay Mallya, and others[2]. The FEO Act was introduced in 2018 to deter economic offenders from deceiving Indian law enforcement by residing outside the jurisdiction of Indian courts[1].
The Enforcement Directorate (ED) requested the court's declaration, and it was granted on April 30, stating that Naseem has deliberately evaded investigation and failed to appear despite the issuance of summons, ultimately absconding from India via Nepal and currently residing in Dubai, UAE[3].
The ED has identified several addresses of Naseem in the UAE, including a villa at Dubai Library Road,Abu Dhabi; a property in District 1, Jumeirah Village Triangle, Dubai; a commercial property in Dubai, and another residential address in Dubai[3].
ED had initiated an investigation against Naseem based on approximately 554 first information reports filed by Uttar Pradesh Police. It is alleged that amounts worth ₹800-1000 crore were collected through fraudulent real estate schemes and multi-level marketing by Naseem and Shine City, with promises of high returns[3].
The ED has filed four charge sheets in this case so far, but the exact status of Naseem's assets in the UAE remains unclear[1][2]. The confiscation of those assets under the FEO Act is a possibility, as outlined by the Act[1].
This development signifies a significant step in the Indian government's efforts to hold economic offenders accountable for their actions, regardless of their location.
Footnotes:[1] https://www.livemint.com/news/india/naseem-of-shine-city-group-becomes-15th-fugitive-economic-offender-to-be-declared-by-ed-11657275146394.html[2] https://www.timesnownews.com/india/ Article/shine-city- promoter-rashid-naseem- declared-fugitive-economic-offender-by-lucknow-court/702583[3] https://www.business-standard.com/article/news-iands/rashid-naseem-of-shine-city-group-absconding-since-2019- declared-fugitive-economic-offender-by-ed-122447800371_1.html
- The Indian government's latest move against economic offenders involves the declaration of Naseem, a real estate promoter from India, as a fugitive economic offender (FEO).
- Naseem, who has been residing in Dubai, UAE since absconding from India in 2019, is the first individual in Uttar Pradesh to receive the FEO status under the Fugitive Economic Offenders Act, 2018.
- The Enforcement Directorate (ED) has accused Naseem of collecting amounts worth ₹800-1000 crore through fraudulent real estate schemes and multi-level marketing, promising high returns.
- The government's action against Naseem signifies a significant step in holding economic offenders accountable for their actions, regardless of their location.
- The ED's investigation against Naseem and Shine City Group was initiated based on approximately 554 first information reports filed by Uttar Pradesh Police, and the exact status of Naseem's assets in the UAE remains unclear.
