Lucknow, April 4,
The Directorate of Enforcement (ED), Lucknow Zonal Office, has taken a major step in its ongoing crackdown on financial fraud by filing an application before the Hon’ble Special Court (PMLA), Lucknow, under Section 4 of the Fugitive Economic Offenders Act (FEOA), 2018. The agency has sought to declare Rashid Naseem, the promoter of Shine City Group, as a Fugitive Economic Offender.
The ED’s application also includes a plea for the attachment of movable and immovable assets worth Rs 127.98 crore belonging to Rashid Naseem, his associates, and companies controlled by them.
The Hon’ble Special Court accepted the application on September 25, 2024, and has initiated proceedings under the provisions of the FEOA. The declaration, once granted, would empower the authorities to confiscate the properties of Rashid Naseem and affiliated entities.
The move is part of ED’s broader effort to tackle large-scale economic offences and bring to justice individuals who evade Indian law while controlling vast assets from abroad.
