New Delhi, February 27 Rashid Naseem, an economic offender who was on the run and the subject of an alleged investment fraud case filed by the Enforcement Directorate in Uttar Pradesh, has been arrested in the UAE, officials said on Friday.
A Special PMLA (Prevention of Money Laundering Act) court in Lucknow had declared Naseem, the promoter of real estate firm Shine City Group, an outlaw under the Fugitive Economic Offenders Act (FEOA) in April last year.
The investigation relates to a money laundering case initiated after the Enforcement Directorate took cognizance of 554 cases registered by Uttar Pradesh Police against Naseem and the Lucknow-based Shine City group of companies.
They alleged that funds worth Rs 800-1,000 crore were collected through fraudulent real estate schemes and multi-level marketing with the promise of high returns.
Officials said that the UAE authorities have arrested Naseem in Dubai.
In January 2026, Enforcement Directorate officials had submitted a dossier against him to the UAE officials, they told
