UP-based fugitive economic offender held in UAE in Rs 1,000 crore fraud case

New Delhi: Rashid Naseem, a fugitive economic offender wanted in an alleged investment fraud case registered by the Enforcement Directorate in Uttar Pradesh, has been arrested in the UAE, officials said on Friday.

A Special PMLA (Prevention of Money Laundering Act) court in Lucknow had declared Naseem, the promoter of real estate firm Shine City Group, an outlaw under the Fugitive Economic Offenders Act (FEOA) in April last year.

The probe relates to a money laundering case initiated after the Enforcement Directorate took cognisance of 554 cases registered by Uttar Pradesh Police against Naseem and the Lucknow-based Shine City group of companies.


They alleged that funds worth Rs 800-1,000 crore were collected through fraudulent real estate schemes and multi-level marketing with the promise of high returns.

Officials said the UAE authorities have arrested Naseem in 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 in India, they added.

In a statement issued earlier, the agency had said that Naseem "deliberately" dodged investigation and failed to appear despite the issuance of a summons. He ultimately fled India through Nepal and has been residing in Dubai.

In December 2025, the Lucknow court had also ordered the confiscation of Naseem's assets worth Rs 127.98 crore as part of the FEOA proceedings against him.