UP-based fugitive economic offender held in UAE in Rs 1,000 crore fraud case

Rashid Naseem, a fugitive wanted in an investment fraud case, has been arrested in the UAE. He is the promoter of Shine City Group. Naseem was declared an outlaw under the Fugitive Economic Offenders Act. The Enforcement Directorate had initiated a money laundering case against him. Funds worth Rs 800-1,000 crore were allegedly collected through fraudulent schemes.