ED move to confiscate scam-hit Shine City owner's multi-crore properties

Recently, the Allahabad High Court took a serious view of slow action of the EOW (economic offences wing, UP) and ED in the Shine City scam case. Shine City owner Rashid Naseem and his associates are accused of stealing over Rs 60,000 from public through fake schemes.

Lucknow: The Enforcement Directorate (ED) is all set to confiscate the properties of Rashid Naseem, owner of the scam-tainted Shine City, a company that has allegedly grabbed more than Rs 60,000 crore from people in the name of lucrative schemes, sources said. The ED has identified properties worth more than Rs 20 crore in several districts including Patna, Bihar.

The central agency will soon file a status report in the High Court after seizing them. ED has so far seized assets worth more than 50 crores of the company, while assets worth more than Rs 150 crores have been identified. In fact, recently the Allahabad High Court had taken a serious view of the slow action of the EOW (economic offences wing, UP) and ED against Shine City.

After this, the ED seized properties worth more than Rs 50 crore in more than a dozen cities including Lucknow, Prayagraj, Varanasi Chandauli and Prayagraj. Recently, the ED interrogated Asif Naseem, brother of Rashid Naseem, MD of the company, who is lodged in Lucknow jail. It was revealed that Rashid Naseem and Asif had bought and sold many properties in Bihar.

Asif Naseem, brother of Shine City's CMD Rashid Naseem and MD in the company, was arrested by the Crime Branch of Lucknow Commissionerate on November 2021 from Prayagraj. A reward of Rs 5 lakh was declared on him. There are more than 374 cases registered against him in Lucknow. Out of these, the CBI court has issued attachment orders in 82 cases registered in Gomtinagar. At the same time, the company's MD Rashid Naseem was arrested in 2019 from Kathmandu, Nepal.

However, later he got bail from Nepal itself. After this, he fled to Dubai. Now he is running the network from Dubai and is preparing to take citizenship of Georgia. At the same time, the EOW has sent the necessary documents to the United Arab Emirates (UAE) for Rashid's extradition. According to the agency, Rashid and his brother Asif Naseem are directors of around 36 companies, including Shine City.

Together they have cheated thousands of people by luring them with plots, houses, diamonds, cryptocurrency, gold and a doubling of rupees. Both brothers are residents of Kareli GTB Colony of Prayagraj. He had opened offices in many cities of the country including Lucknow. In the cases filed against the company, 58 people including Asif Naseem have been arrested so far.