E-Paper
UP EOW seeks extradition of Shine City owner from UAE
The EOW has been investigating 450 cases lodged against Naseem and his companies in various districts and found that he floated 58 lucrative schemes to dupe investors and vanished after collecting around ₹1,025 crore
LUCKNOW The UP Economic Offences Wing (EOW) has applied for the extradition of Lucknow-based realtor Rashid Naseem from the UAE through its embassy in India. He has been accused of duping gullible investors of over ₹1,000 crore. Naseem allegedly floated multiple lucrative schemes through his Shine Group of Companies and allegedly invested people’s money in the UAE, South Africa and other countries illegally, stated officials.
For the past few months, the EOW has been investigating 450 cases lodged against Naseem and his companies in various districts and found that he floated 58 lucrative schemes to dupe investors and vanished after collecting around ₹1,025 crore. So far, the police and the EOW have arrested at least 56 people associated with Naseem and his companies, but failed to nail him.
An official said the EOW is in touch with the Abu Dhabi embassy for Naseem’s extradition from the UAE through proper channel, “It is recently found that the same person has launched lucrative schemes with different names by approaching people through different WhatsApp groups. People are advised that it is not safe to invest in such schemes,” he emphasised.
Some investors from Gorakhpur, Varanasi and Chandauli have already invested in these schemes, he added.
On November 2, the Enforcement Directorate (ED) had attached immovable properties worth ₹17.62 crore (plots and flats) in the name of Shine City companies in eight districts of UP, including Lucknow, Kanpur, Varanasi, Prayagraj, Gorakhpur, Rae Bareli, Fatehpur and Jalaun.
The action was taken as part of an ongoing investigation under Prevention of Money Laundering Act (PMLA), 2002, initiated in January 2021 on the basis of various FIRs and complaints registered by UP Police against two owner brothers of Shine City Infra Project Private Limited - Rashid Naseem and Asif Naeem as well as Amitabh Kumar Srivastava, Meera Srivastava and others.
The property attached included land worth ₹10.59 crore in the name of Shine City Infra Projects Pvt Ltd, Shine City Colonizers Pvt Ltd, Shine City Properties Pvt Ltd, Shine City Shapers Pvt Ltd and Shine City Builders Pvt Ltd in Fatehpur, Rae Bareli, Kanpur, Jalaun, Gorakphur and Manda (Prayagraj). Besides, nine residential premises, including flats in the name of Rashid Naseem, Asif Naseem, Shine City Infra Project Pvt Ltd, Amitabh Kumar Srivastava and Meera Srivastava, to the tune of ₹7.03 crore in Lucknow and Varanasi, were also attached.
