LUCKNOW: The Lucknow zonal office of the Directorate of Enforcement (ED) has initiated the process to declare Rashid Naseem, the promoter of Shine City Group, as a fugitive economic offender.
Rashid has been charged with collecting approximately Rs 800 to Rs 1,000 crore from the public in the name of investment and duping them by failing to return any money.
The application has been filed under the Fugitive Economic Offender Act (FEOA), 2018, before the Special Court (PMLA), Lucknow.
The application also prayed for the confiscation of the movable and immovable assets of Rashid, his associates, and companies controlled by them, worth Rs 127.98 crore.
The Special Court accepted the application and initiated the process on Sep 25.
The ED initiated an investigation based on approximately 554 FIRs registered by Uttar Pradesh Police against Rashid and Shine City Group of Companies.
The ED investigation found that Rashid was involved in the offence of money laundering, and accordingly, four prosecution complaints have been filed in this case.
Further investigation by the 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.
The ED investigation under FEOA has revealed that Rashid has left India, and it is conclusively ascertained that he is residing in Dubai, United Arab Emirates (UAE).
Since he is not returning to India to face the due process of law, a non-bailable warrant of arrest, look out circular and red corner notice of Interpol have been issued against him.
Lucknow: The Lucknow zonal office of the Directorate of Enforcement (ED) has initiated the process to declare Rashid Naseem, the promoter of Shine City Group, as a fugitive economic offender.
Rashid has been charged with collecting approximately Rs 800 to Rs 1,000 crore from the public in the name of investment and duping them by failing to return any money.
The application has been filed under the Fugitive Economic Offender Act (FEOA), 2018, before the Special Court (PMLA), Lucknow.
The application also prayed for the confiscation of the movable and immovable assets of Rashid, his associates, and companies controlled by them, worth Rs 127.98 crore.
The Special Court accepted the application and initiated the process on Sep 25.
The ED initiated an investigation based on approximately 554 FIRs registered by Uttar Pradesh Police against Rashid and Shine City Group of Companies.
The ED investigation found that Rashid was involved in the offence of money laundering, and accordingly, four prosecution complaints have been filed in this case.
Further investigation by the 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.
The ED investigation under FEOA has revealed that Rashid has left India, and it is conclusively ascertained that he is residing in Dubai, United Arab Emirates (UAE).
Since he is not returning to India to face the due process of law, a non-bailable warrant of arrest, look out circular and red corner notice of Interpol have been issued against him.
