Advertisement
Pardaphash Ads
  1. Home
  2. Region
  3. Shine City Scam: Mastermind Rashid Naseem’s Overseas Property to be Seized; Rs 60,000 Crores Swindled from Investors

Shine City Scam: Mastermind Rashid Naseem’s Overseas Property to be Seized; Rs 60,000 Crores Swindled from Investors

Shine City Scam: Enforcement Directorate (ED) has filed a case under Fugitive Economic Offenders Act (Fugitive Economic Offenders Act-2018) against Rashid Naseem, the mastermind of Shine City Scam, who absconded abroad with thousands of crores of rupees of investors. Going to file a case under.

By: Rekha Joshi  Pardaphash Group
Updated:
gnews
Shine City Scam: Mastermind Rashid Naseem’s Overseas Property to be Seized; Rs 60,000 Crores Swindled from Investors

The Enforcement Directorate (ED) is set to register a case under the Fugitive Economic Offenders Act 2018 against Rashid Naseem, the mastermind behind the Shine City scam. Naseem, who absconded abroad with thousands of crores of rupees from investors, will face stringent legal action under this act for the first time in Uttar Pradesh. This move aims to confiscate his properties purchased abroad and bring justice to the defrauded investors.

Under this Act, action has been taken against 14 fugitive criminals of the country including industrialist Vijay Mallya and diamond businessman Nirav Modi, who embezzled money from banks. Rashid Naseem, who took refuge in Dubai after embezzling about Rs 60 thousand crores from the investors of Shine City, will now be prosecuted by declaring him a fugitive under this Act.

According to officials, there are certain conditions for registering a case under this Act, which include embezzlement of more than Rs 100 crore by the person fleeing abroad, his being abroad and refusing to return and arrest against him by any court of the country. Issuance of warrant etc. is included. Since all these conditions are applicable in the case of Rashid Naseem, preparations are being made to take action under this Act.

Doing diamond business in Dubai
According to investigating agencies, after fleeing abroad, Rashid Naseem is doing diamond business with Nirav Modi and Mehul Choksi in many countries including South Africa. After getting solid evidence of this, the investigation of his companies opened abroad is going on. Actually, Rashid diverted investors’ money through shell companies to the accounts of his foreign companies from which many properties were purchased. Now ED will take action to identify and confiscate these properties.

Action has been taken against them so far
Vijay Mallya, Nirav Modi, Nitin Sandesara, Chetam Sandesara, Deepti Sandesara, Hitesh Kumar Narendra Bhai Patel, Junaid Iqbal Memon, Bazar Memon, Asif Iqbal Memon, Zakir Naik, Sanjay Bhandari, Nitish Thakur, Mehul Choksi and Jatin Mehta.

Further reading:
For the latest news and reviews, follow us on Google, Facebook, YouTube and X (Twitter)