Fugitive Economic Offender Rashid Naseem Arrested in UAE in Major UP Fraud Case
In a significant development in one of Uttar Pradesh's most substantial alleged investment fraud cases, fugitive economic offender Rashid Naseem, the promoter of the Shine City Group, has been apprehended in the United Arab Emirates, as confirmed by officials on Friday. This arrest marks a crucial breakthrough in a case that has spanned multiple years and involved extensive investigations.
Massive Alleged Fraud and Legal Proceedings
Naseem is confronting a staggering 554 First Information Reports (FIRs) filed by the Uttar Pradesh Police against him and the Lucknow-based Shine City Group. Investigators allege that the group illicitly amassed between Rs 800 crore and Rs 1,000 crore from investors through deceptive real estate schemes and multi-level marketing operations. These schemes reportedly enticed victims with promises of exceptionally high returns, leading to widespread financial losses.
Despite the issuance of a non-bailable warrant, a Look-Out Circular, and an Interpol Red Notice, Naseem managed to evade capture by fleeing India via Nepal. His escape prompted intensified efforts by Indian authorities to secure his extradition and bring him to justice.
Landmark Court Declaration and Asset Confiscation
On April 30, 2025, a Special Prevention of Money Laundering Act (PMLA) court in Lucknow, presided over by Special Judge Rahul Prakash, officially declared Rashid Naseem a fugitive economic offender. This ruling was initiated by an application from the Enforcement Directorate's (ED) Lucknow zonal office. The declaration is particularly noteworthy as it represents the first such case in Uttar Pradesh and one of only a few nationwide under the Fugitive Economic Offenders Act (FEOA) since its implementation in 2018.
With this designation, Naseem joins an exclusive list of high-profile economic offenders, including Vijay Mallya and Nirav Modi, who have been declared fugitives under the FEOA. Officials have hailed this order as a landmark ruling that facilitates the confiscation of his assets and accelerates trial proceedings. In a related development, the Enforcement Directorate had provisionally attached assets valued at Rs 127.98 crore linked to Naseem. Subsequently, in December 2025, the Lucknow court ordered the confiscation of these assets as part of the ongoing FEOA proceedings.
Extradition Efforts and International Cooperation
The Ministry of External Affairs (MEA) made a renewed appeal to the Dubai government on January 29, seeking Naseem's extradition. A comprehensive dossier was shared with UAE authorities, detailing the legal proceedings against him under both the Prevention of Money Laundering Act (PMLA) and the Fugitive Economic Offenders Act (FEOA). This dossier outlined the extensive charges and the necessity for his return to India to face trial.
On Friday morning, a unit of the Central Bureau of Investigation (CBI) informed the MEA about Naseem's arrest in Dubai. A senior official indicated that efforts are currently underway to repatriate Naseem to India through proper legal channels, adhering to the laws and regulations of the United Arab Emirates. This arrest underscores the importance of international cooperation in tackling economic crimes and bringing fugitives to justice.
The case continues to be under a multi-agency probe, highlighting the complexity and scale of the alleged fraud. Authorities remain committed to ensuring that all legal procedures are followed meticulously to achieve a just outcome for the affected investors.
