Shine City Real Estate Scam: Fugitive Mastermind Rashid Naseem Arrested in Dubai After ₹60,000 Crore Fraud Spanning Multiple States
New Delhi/Lucknow: In a breakthrough in one of India’s largest alleged real estate investment frauds, the prime accused in the multi-crore Shine City land scam, Rashid Naseem, has been arrested in Dubai by authorities in the United Arab Emirates (UAE).
Naseem, Chairman and Managing Director of the Lucknow-based Shine City Group, had been on the run since 2019 and was declared a fugitive economic offender by an Indian court.
The arrest follows sustained efforts by India’s Enforcement Directorate (ED), which had earlier declared him a proclaimed offender in connection with a massive investment fraud case.
Naseem carried a cash reward of ₹5 lakh and is accused of orchestrating a sprawling real estate and multi-level marketing scam that allegedly duped investors across Uttar Pradesh and several other states.
Declared Fugitive Under the Economic Offenders Law
In April last year, a special court in Lucknow designated under the Prevention of Money Laundering Act (PMLA) declared Rashid Naseem a fugitive economic offender under the Fugitive Economic Offenders Act (FEOA).
The ED initiated its investigation after taking cognisance of 554 FIRs registered by the police against Naseem and various Shine City Group companies.
Investigators allege that the company lured thousands of investors with promises of high returns through fraudulent real estate schemes and multi-level marketing structures.
While official complaints indicate that around ₹800–1,000 crore was directly mobilised through specific schemes under investigation, broader estimates suggest that the overall scam may involve transactions exceeding ₹60,000 crore nationwide, making it one of the largest land-related frauds in recent memory.
Escape Via Nepal, Forged Passport Used
According to officials, Naseem fled India in June 2019 via Nepal and subsequently settled in Dubai. Authorities say he used a fraudulently obtained second passport to evade detection and bypass immigration scrutiny.
Despite repeated summons and legal notices, he refused to return to India to face investigation and prosecution.
The Enforcement Directorate submitted a detailed dossier to the UAE authorities in January 2026, outlining the charges, evidence collected, and the scale of the alleged financial wrongdoing.
Following diplomatic and legal coordination, UAE authorities detained Naseem in Dubai.
International Alerts and Asset Seizures
Before his arrest, Interpol had issued a Red Corner Notice, along with non-bailable warrants and Look-Out Circulars against him. However, he continued to evade Indian law enforcement agencies until his recent detention.
Under the provisions of the Fugitive Economic Offenders Act, the ED initiated proceedings to confiscate and auction the accused’s properties.
So far, assets worth over ₹267 crore belonging to Shine City promoters have been provisionally attached.
Authorities have indicated that further recovery and liquidation proceedings are underway to compensate defrauded investors.
Impact Across Multiple States
The Shine City Group allegedly operated extensively in Uttar Pradesh. It expanded its footprint into several other states, targeting middle-class and small investors with promises of land allotments, high returns, and referral-based commissions.
The scale of complaints—554 cases registered across jurisdictions—reflects the widespread impact of the alleged fraud.
Officials have termed the arrest a significant step toward securing extradition and bringing the accused back to India to stand trial. Legal proceedings for his deportation or extradition are expected to begin shortly.
The case underscores growing cooperation between Indian enforcement agencies and international authorities in tracking economic offenders who attempt to evade justice by relocating abroad.
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