LUCKNOW The Enforcement Directorate (ED) has booked the alleged kingpin of a ₹1,000 crore-fraud, Shine City Group chairman Rashid Naseem (who is suspected to be operating from Dubai) under the Fugitive Economic Offenders Act (FEOA), 2018, said ED officials here on Wednesday.
It is the first time this Act was slapped against any fugitive economic offender in UP. It empowers any special court (set up under the Prevention of Money Laundering Act, 2002) to confiscate all properties and assets of economic offenders who are charged in offences measuring over ₹100 crore and are evading prosecution by remaining outside the jurisdiction of Indian courts.
Earlier, this Act was slapped against liquor baron Vijay Mallya and diamond trader Nirav Modi, who fled the country after defaulting on bank loans worth hundreds of crores, a senior ED official informed.
Officials confirmed that ED deputy director Mamiya KD filed the case in Lucknow court of special judge, anti-corruption, CBI, Rahul Prakash and the court found the documents suitable to accept the case. They said the court issued an order in this regard on Tuesday.
Earlier, the ED arrested Rashid Naseem’s brother Asif Naseem, Amitabh Kumar Srivastava and Meera Srivastava, in connection with an investigation under the provisions of the PMLA, 2002, in a case of Shine City scam. The agency had initiated investigation under PMLA Act in the Shine City fraud case based on around 250 FIRs registered by the UP Police against Rasheed Naseem, his younger brother Asif Naseem and Shine City group of companies, wherein they had collected approximately ₹800-1000 crore from the public.
{{/usCountry}}Earlier, the ED arrested Rashid Naseem’s brother Asif Naseem, Amitabh Kumar Srivastava and Meera Srivastava, in connection with an investigation under the provisions of the PMLA, 2002, in a case of Shine City scam. The agency had initiated investigation under PMLA Act in the Shine City fraud case based on around 250 FIRs registered by the UP Police against Rasheed Naseem, his younger brother Asif Naseem and Shine City group of companies, wherein they had collected approximately ₹800-1000 crore from the public.
{{/usCountry}}The fraudsters cheated people in the name of investment and promised huge returns and finally duped the investors by way of committing fraud. The ED investigation revealed that the proceeds of crime were transferred to various other companies controlled by them and individuals close to them. The investigation so far has resulted in attachment of properties worth ₹128 crore.