New Delhi: Rashid Naseem is the main promoter of the Shine City Group which had dealings in multi-level marketing and real estate. Naseem is also 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 by Naseem have been accused of cheating investors in UP, siphoning over hundreds of crores from them. The ponzi scheme kingpin, Rashid Naseem has collected Rs 1000 crores from investors by duping them, ED has said.
Where Is Rashid Naseem Currently Residing?
Rashid Naseem had failed multiple times to appear for questioning by the Enforcement Directorate. The premiere agency infact had issued summons against the realty promoter. However, it has been learnt that Naseem fled India via Nepal and is currently residing in Dubai, UAE.
Rashid Naseem Declared A Fugitive By ED
The Enforcement Directorate had filed four prosecution complaints in the ponzi case, provisionally attaching properties worth Rs 127.98 crore. ED had identified the amount as proceeds of crime. The investigative agency also identified the key accused and associated entities involved in laundering the illicitly collected funds.
The ED filed an application seeking his declaration as a Fugitive Economic Offender under FEOA, 2018.
Interpol Red Notice Against Rashid Naseem
Rashid Naseem has hundreds of FIRs in his name, Non-Bailable Warrant, Look Out Circular, and a Red Notice by Interpol. Approximately 554 FIRs have been registered by the UP Police against Rasheed Naseem and Shine City Group, that had prompted an ED investigation.
However the scam mastermind has refused to return to India to face the criminal proceedings.
Rashid Naseem And Shine City Ponzi Scheme
Rashid Naseem, the chieftain of the Shine City Ponzi Scheme raised funds via pyramid schemes under the garb of real estate investments. The funds collected were layered, transferred, and used to acquire various movable and immovable properties, which were held in the name of Shine City companies, its directors and other close associates, depriving investors of returns or promised plots.