Fugitive Rashid Naseem Captured in UAE for Multi-Crore Fraud
Rashid Naseem, wanted in a major investment fraud case, was arrested in the UAE. Linked to fraudulent schemes promising high returns, Naseem evaded Indian authorities by fleeing to Dubai. He was declared a fugitive by an Indian court, and his assets have been confiscated as part of ongoing legal proceedings.
- Country:
- India
Rashid Naseem, a fugitive economic offender implicated in a significant investment fraud case, has been apprehended in the UAE, authorities confirmed on Friday.
An Indian court had labeled Naseem, a key figure in the Shine City real estate firm malpractices, as an outlaw under the Fugitive Economic Offenders Act last year.
The investigation revealed that funds ranging between Rs 800-1,000 crore were illicitly raised through deceptive real estate plans and multi-level marketing. Despite summons, Naseem evaded law enforcement, escaping initially to Nepal, then settling in Dubai. The UAE's cooperation signifies a key development in this transnational crime case.
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