2 months ago
1
Rashid Naseem, a fugitive economical offender wanted successful an alleged concern fraud lawsuit registered by the Enforcement Directorate successful Uttar Pradesh, has been arrested successful the UAE, officials said connected Friday (February 27, 2026).
A Special PMLA (Prevention of Money Laundering Act) tribunal successful Lucknow had declared Naseem, the promoter of existent property steadfast Shine City Group, an outlaw nether the Fugitive Economic Offenders Act (FEOA) successful April past year.
The probe relates to a wealth laundering lawsuit initiated aft the Enforcement Directorate took cognisance of 554 cases registered by Uttar Pradesh Police against Naseem and the Lucknow-based Shine City radical of companies.
They alleged that funds worthy ₹800-1,000 crore were collected done fraudulent existent property schemes and multi-level selling with the committedness of precocious returns. Officials said the UAE authorities person arrested Naseem successful Dubai.
In January 2026, Enforcement Directorate officials had submitted a dossier against him to the UAE officials, they told PTI. The dossier contained the PMLA and FEOA proceedings undertaken against him successful India, they added.
In a connection issued earlier, the bureau had said that Naseem "deliberately" dodged probe and failed to look contempt the issuance of a summons. He yet fled India done Nepal and has been residing successful Dubai.
In December 2025, the Lucknow tribunal had besides ordered the confiscation of Naseem's assets worthy ₹127.98 crore arsenic portion of the FEOA proceedings against him.
