Who Is Rashid Naseem? Meet The Shine City Promoter Declared Fugitive By ED In Multi Crore UP Ponzi Scheme

New Delhi: Rashid Naseem is the principle promoter of the Shine City Group which had dealings in multi-level advertising and actual property. Naseem may be the mastermind of a multi-crore rupee ponzi scheme in Uttar Pradesh. The Special PMLA Court in Lucknow has declared Naseem a Fugitive Economic Offender.

Rashid Naseem Mastermind Behind Multi Crore UP Ponzi Scheme

Shine City Group, led through Naseem were accused of dishonest buyers in UP, siphoning over loads of crores from them. The ponzi scheme kingpin, Rashid Naseem has gathered Rs 1000 crores from buyers through duping them, ED has stated.

Where Is Rashid Naseem Currently Residing?

Rashid Naseem had failed a couple of occasions to seem for wondering through the Enforcement Directorate. The premiere company infact had issued summons in opposition to the realty promoter. However, it’s been learnt that Naseem fled India by means of Nepal and is lately living in Dubai, UAE.

Rashid Naseem Declared A Fugitive By ED

The Enforcement Directorate had filed 4 prosecution proceedings within the ponzi case, provisionally attaching homes value Rs 127.98 crore. ED had recognized the quantity as proceeds of crime. The investigative company additionally recognized the important thing accused and related entities fascinated with laundering the illicitly gathered budget.

The ED filed an utility in quest of his declaration as a Fugitive Economic Offender underneath FEOA, 2018.

Interpol Red Notice Against Rashid Naseem 

Rashid Naseem has loads of FIRs in his title, Non-Bailable Warrant, Look Out Circular, and a Red Notice through Interpol. Approximately 554 FIRs were registered through the UP Police in opposition to Rasheed Naseem and Shine City Group, that had precipitated an ED investigation.

However the rip-off mastermind has refused to go back to India to stand the legal court cases.

Rashid Naseem And Shine City Ponzi Scheme

Rashid Naseem, the chieftain of the Shine City Ponzi Scheme raised budget by means of pyramid schemes underneath the garb of actual property investments. The budget gathered had been layered, transferred, and used to obtain more than a few movable and immovable homes, that have been held within the title of Shine City corporations, its administrators and different shut friends, depriving buyers of returns or promised plots.