Lucknow | Rashid Naseem, the main accused in the Shine City investment scam, has been arrested by Dubai Police following an extradition request made by India’s Enforcement Directorate (ED) and Economic Offences Wing (EOW). Authorities allege that Rashid Naseem and his associated companies cheated people of approximately ₹800–₹1000 crore by luring them with fraudulent investment schemes. The accused fled India in 2019 and has more than 554 FIRs registered against him across the country.
According to sources, the scheme operated under the name Shine City and promised investors high and assured returns. Investors were told that their money would be invested in real estate and other business ventures to generate guaranteed profits. Initially, some payments were reportedly made to build trust in the scheme, but later a large number of investors were unable to withdraw their money.
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Investigators allege that the scheme collected massive funds from the public and suddenly stopped its operations. When investors began demanding refunds, they were allegedly given repeated false assurances. The case gradually came under the scrutiny of police and financial investigation agencies, leading to multiple complaints being filed in several states.
Rashid Naseem fled India in 2019 and went abroad, after which a lookout notice and extradition proceedings were initiated against him. Investigation agencies have been closely monitoring the accused’s international activities. Recently, ED and EOW requested Dubai authorities to arrest the accused, which resulted in the action.
Officials said preparations are being made to bring the accused back to India through legal procedures. After the extradition process is completed, he will be interrogated in detail, and the role of other individuals involved in the case will also be examined. Authorities believe that a large financial transaction network was used in the scam.
Police and investigative agencies are also trying to determine the channels through which the fraud money was transferred and whether any foreign assets were purchased using the illicit funds. Some reports claim that the accused acquired overseas properties using illegal proceeds, which are currently under investigation.
Experts say such investment frauds often trap people by promising attractive and unrealistic returns. With the growing number of cyber and financial crimes, investors are advised to verify the legality and background of any investment scheme before putting in their money.
Investigating agencies have assured that legal action will continue to protect the interests of the investors affected by the scam. Efforts are also being intensified to identify and arrest other suspects involved in the case.
Overall, Rashid Naseem’s arrest is being considered a major breakthrough in the investigation of the scam. However, attention now remains focused on the extradition process and further investigation, which is expected to reveal the complete facts of the case.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
