Rashid Naseem, a fugitive economic offender wanted in connection with an alleged large-scale investment fraud case in Uttar Pradesh, has been arrested in the UAE, officials said on Friday.
Naseem, promoter of the Lucknow-based Shine City Group, had been declared a fugitive under the Fugitive Economic Offenders Act (FEOA) by a Special PMLA court in Lucknow in April last year. The action followed proceedings initiated by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA).
The money laundering probe stemmed from 554 FIRs registered by the Uttar Pradesh Police against Naseem and his real estate firm, Shine City Group. Investigators alleged that the company collected between Rs 800 crore and Rs 1,000 crore from investors through fraudulent real estate schemes and multi-level marketing plans promising high returns.
Officials said UAE authorities apprehended Naseem in Dubai. In January 2026, the ED had submitted a detailed dossier to UAE authorities outlining the PMLA and FEOA proceedings against him in India.
In an earlier statement, the agency had accused Naseem of deliberately evading investigation and ignoring the summons issued to him. He is believed to have fled India via Nepal before settling in Dubai.
In December 2025, the Special PMLA court in Lucknow ordered the confiscation of assets worth Rs 127.98 crore belonging to Naseem as part of proceedings under the FEOA.
Further legal processes are expected to follow regarding his extradition to India.
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