A Lucknow court on Wednesday accepted a request of the Enforcement Directorate (ED) to declare Rashid Naseem, the promoter of real estate firm Shine City who has been wanted in a ₹1,000 crore money laundering case and is missing since 2019, as a fugitive economic offender (FEO).
According to people aware of the details, the Naseem is reportedly residing in the UAE and is suspected of frequently travelling between Abu Dhabi and Dubai.
“A Lucknow court on Wednesday accepted ED’s request to declare Naseem a fugitive under the Fugitive Economic Offender’s Act, 2018, which is a big win for us,” a senior ED official said, seeking anonymity.
The Fugitive Economic Offenders Act, 2018, empowers authorities for non-conviction-based attachment and confiscation of assets and proceeds of crime abroad in cases involving amounts above ₹100 crore.
Officials said Naseem would be the 13th individual after diamantaire Nirav Modi, former liquor baron Vijay Mallya and arms dealer Sanjay Bhandari, among others, to be declared a fugitive under the stringent law.
Providing details of the money laundering case against Naseem, a second ED official said a probe was initiated in 2021 based on approximately 554 first information reports (FIRs) filed by Uttar Pradesh Police over a period.
{{/usCountry}}Providing details of the money laundering case against Naseem, a second ED official said a probe was initiated in 2021 based on approximately 554 first information reports (FIRs) filed by Uttar Pradesh Police over a period.
{{/usCountry}}“The group companies allegedly collected ₹800- ₹1,000 crore from the public, promising them huge returns under the guise of investment in real estate and other schemes. However, instead of giving any returns, the collected funds were utilised for buying land, office space for personal use by Naseem and his aides and allegedly diverted to foreign countries,” the official said, seeking anonymity.
Intelligence inputs revealed that Naseem fled India via Nepal in 2019 and settled in the UAE, the first ED official said. “He did not respond to summons for a probe, after which an Interpol red notice was issued against him in March this year and subsequently, FEO proceedings were initiated,” the official said.
“ED has identified several addresses of Naseem in the UAE. These include 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,” the official added.
Eight people believed to have close ties with Naseem have been arrested by the federal agency so far. Besides, proceeds of crime worth ₹189.39 crore have also been attached by the agency.
HT could not trace any legal representative of Naseem.