New Delhi, Feb 27 (PTI) Rashid Naseem, a fugitive economic offender wanted for an alleged investment fraud in Uttar Pradesh, has been arrested in Dubai, officials said on Friday.
The Enforcement Directorate (ED) had secured an Interpol Red Notice to facilitate his provisional arrest pending extradition. Following this, the agency sent an extradition request through the Ministry of External Affairs between December 2025 and January this year, the officials said.
In April last year, a special court in Lucknow, hearing cases under the Prevention of Money Laundering Act (PMLA), declared Naseem, the promoter of Shine City Group, an outlaw under the Fugitive Economic Offenders Act (FEOA).
The money laundering probe was initiated after the ED took cognisance of 606 cases registered by the Uttar Pradesh Police against Naseem and the Lucknow-based group.
Naseem, who is in his late 40s, allegedly collected Rs 1,050 crore from numerous investors in the name of some schemes and “failed” to deliver the promised lands, plots, or returns.
The ED described Naseem as the “mastermind” of the fraud, alleging that he diverted and utilised these funds to purchase immovable and movable properties, including land, residential flats, jewellery and luxury vehicles.
The funds were also used to cover the expenses of high-end hotels and an extravagant lifestyle. According to the officials, authorities in the United Arab Emirates (UAE) arrested Naseem in Dubai.
In January 2026, the ED officials submitted a dossier to the UAE authorities, which included an extradition request, the Interpol Red Notice and the FEOA declaration, the officials told PTI. The ED is now making arrangements to bring him back to India, they added.
The agency stated earlier that Naseem “deliberately” avoided the investigation and did not appear despite the issuance of a summons. He fled India through Nepal and has been living in Dubai.
In December 2025, the Lucknow court ordered the confiscation of Naseem’s assets worth Rs 127.98 crore as part of the FEOA proceedings.
The ED has filed two chargesheets in this case and arrested eight people, including Naseem’s brother, Arif Naseem. It has also attached assets worth Rs 267 crore. PTI NES AKY
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