Rashid Naseem, the prime accused in the multi-crore Shine City real estate scam, has been arrested in the United Arab Emirates, marking a major breakthrough in one of the country’s biggest alleged investment fraud cases. Accused of orchestrating a scam estimated at over ₹60,000 crore, Naseem had been on the run for years and was reportedly hiding in Dubai. As many as 554 criminal cases have been registered against him across Uttar Pradesh and several other states.
Shine City CMD’s Multi-Crore Real Estate Fraud
Rashid Naseem served as the CMD of the Shine City Group. He is accused of luring investors through real estate projects and multi-level marketing schemes, promising high returns. Investigations indicate that between ₹800 crore and ₹1,000 crore was mobilised from investors under various project names. Many of these projects allegedly remained incomplete, leaving thousands of investors without plots or returns on their money.
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Declared Fugitive Economic Offender in 2025
In April 2025, a special court in Lucknow declared Rashid Naseem a fugitive economic offender. Following the order, proceedings were initiated to attach and auction his properties. Investigators took cognisance of 554 police cases registered against him and began probing alleged money laundering aspects. It is alleged that funds collected from investors were routed through multiple accounts and properties in an attempt to conceal the trail.
Dubai Escape via Nepal, Red Corner Notice Issued
Officials said Rashid Naseem fled India in June 2019 via Nepal before reaching Dubai. He allegedly used a forged second passport to escape. A non-bailable warrant and a Red Corner Notice were issued against him, but he continued to evade return to India despite ongoing legal proceedings.
UAE Arrest Paves Way for Extradition
In January 2026, Indian authorities submitted a detailed dossier to the UAE administration outlining the cases registered against Rashid Naseem, court orders, and details of attached properties. Acting on the inputs, UAE officials detained him in Dubai. The next step is expected to involve formal extradition proceedings to bring him back to India.
So far, properties worth over ₹267 crore linked to the Shine City Group have been attached. These include land parcels, buildings and other immovable assets. Authorities are working toward auctioning these assets to provide partial relief to investors. However, compared to the scale of the alleged fraud, the recovered amount represents only a fraction of the total claims.
Cases registered against Rashid Naseem in Lucknow and multiple districts of Uttar Pradesh, as well as in other states, involve allegations of cheating in land deals, plotting schemes and investment plans. Thousands of investors have alleged that they neither received possession of promised plots nor returns on their investments within the stipulated time.
Sources associated with the probe indicate that Shine City expanded rapidly over six years, mobilising funds through a wide network of agents. As payment defaults increased and projects stalled, complaints began surfacing in different states with a similar pattern.
The arrest of Rashid Naseem is being seen as a significant development in the long-pending case. Legal steps are now underway to secure his extradition and ensure his appearance before courts where multiple cases remain pending. Investors are closely watching the developments, hoping for recovery of at least part of their hard-earned money.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
