New Delhi, February 27 Rashid Naseem, an economic offender who was on the run and wanted in connection with an alleged investment fraud in Uttar Pradesh, has been arrested in Dubai, officials said on Friday.
The Enforcement Directorate (ED) had obtained an Interpol Red Notice to facilitate his provisional arrest pending extradition. Following this, the agency submitted 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, which was hearing cases under the Prevention of Money Laundering Act (PMLA), declared Naseem, the promoter of Shine City Group, as an economic offender under the Fugitive Economic Offenders Act (FEOA).
The money laundering investigation was initiated after the ED took cognizance 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 under the guise of various schemes and "failed" to deliver the promised land, plots, or returns.
The ED described Naseem as the "mastermind" of the fraud, alleging that he diverted and utilized these funds to purchase immovable and movable properties, including land, residential flats, jewelry, 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 the extradition request, the Interpol Red Notice, and the FEOA declaration, the officials told