Rashid Naseem: Fugitive Economic Offender in Rs 1,000 Crore Fraud Case

Rashid Naseem, promoter of Shine City Group, has been declared a fugitive economic offender by a special PMLA court due to his involvement in a Rs 800-Rs 1,000 crore fraud case. His assets worth Rs 128 crore are set for confiscation as part of a money laundering investigation.

In a significant development, Rashid Naseem, the main promoter of Shine City Group, has been declared a fugitive economic offender by a special PMLA court. The case involves a whopping Rs 800-Rs 1,000 crore fraud, marking a considerable setback for his enterprise and reputation.

The Enforcement Directorate (ED) revealed that the court made its ruling on April 30. This decision allows for the confiscation of assets worth Rs 128 crore, which have already been attached as part of a comprehensive money laundering investigation targeting Naseem and Shine City Group.

Naseem fled India, allegedly to evade legal proceedings, and currently resides in Dubai. The ED faced resistance from Naseem despite non-bailable warrants and an Interpol Red Notice. His declaration as a fugitive economic offender reinforces ongoing confiscation proceedings against high-profile economic fugitives.

(With inputs from agencies.)