LUCKNOW, Feb. 28 -- In a major breakthrough, the Dubai police have arrested Rashid Naseem, the promoter of Shine City Group, who is accused of orchestrating an investment fraud estimated between Rs.800 crore and Rs.1,000 crore, officials said on Friday. The Enforcement Directorate (ED) is expected to bring him to Lucknow for further investigation.

A Special PMLA (Prevention of Money Laundering Act) court in Lucknow had declared Naseem a proclaimed offender under the Fugitive Economic Offenders Act (FEOA) in April last year.

He allegedly fled India in 2019 after collecting massive sums from investors by promising lucrative returns on real estate projects.

Police registered 554 FIRs against Naseem and his companies across Uttar Pradesh. ...