LUCKNOW, March 1 -- Rashid Naseem, the alleged mastermind of the multi-crore Shine City investment fraud (over Rs.1,000 crore) who was arrested in the United Arab Emirates on Thursday after being on the run for nearly seven years, had created a complex corporate web that was used to mobilise and divert investor funds, investigators said. He managed to flee India in May 2019 after being freed from custody by Nepal Police.

About six years before his escape, Rashid Naseem established Shine City Infra Structure Pvt. Ltd in 2013 after registering it with the Registrar of Companies (ROC) in Kanpur. With his brother Asif Naseem and other close associates as co-directors, he floated 33 additional companies through ROC offices in Kanpur, Delhi an...