Business
ED Gets Nod To Confiscate Rs 127-Cr Assets Of Fugitive Shine City Promoter Rashid Naseem
NEW DELHI: In one of the first confiscations through the Fugitive Economic Offenders Act mechanism in Uttar Pradesh, the Enforcement Directorate (ED) has received approval to confiscate movable and immovable assets worth Rs 127 crore belonging to fugitive Rashid Naseem and the Shine City Group of Companies. The confiscation move comes after the agency designated Naseem as a Fugitive Economic Offender (FEO) for allegedly orchestrating large-scale financial fraud and cheating thousands of investors through Shine City’s real estate and investment schemes. With Naseem absconding abroad to evade legal proceedings, the ED invoked FEOA provisions, enabling attachment and now full confiscation of his identified assets.
A special court in Uttar Pradesh’s Lucknow issued the order on Wednesday, allowing ED to confiscate the properties in the case the agency initiated investigation against Naseem and Shine City Group of Companies on the basis of approximately 554 First Information Reports (FIRs) registered by Uttar Pradesh Police alleging large-scale fraud, cheating, and wrongful gain through ponzi-cum-pyramid schemes. As per the agency, Naseem absconded from India to evade criminal investigation and prosecution and he escaped illegally via the Nepal border.
ED’s investigation reveals that Naseem is residing in Dubai, UAE, and continues operating several aspects of the scheme from abroad. A special court had declared Naseem a FEO under Section 12(1) of the Fugitive Economic Offenders Act (FEOA), 2018, on April 30, 2025, based on digital evidence proving that he had willfully evaded Indian authorities and was residing in the UAE and continuing his operations from abroad.
ED investigation mentions that Shine City Group had floated numerous companies and collected vast amounts of public deposits by falsely projecting investment opportunities in real estate projects and other lucrative schemes. “Initial scrutiny revealed that the collected funds were neither utilized for legitimate business activities nor backed by genuine real-estate development but were siphoned off through a network of shell companies controlled by the promoters and their associates.”
In the course of the investigation, ED conducted search operations at 18 different premises, leading to the recovery of significant digital evidence, incriminating documents relating to money laundering, and extensive details of movable and immovable assets acquired from illicit proceeds. Based on the evidence, ED has so far provisionally attached assets worth Rs 264.10 crore and arrested eight persons connected with the fraud.
Further, ED has filed six Prosecution Complaints (PCs) against 38 individuals and entities, all of which have been duly taken cognizance of by the special court in Lucknow. The principal accused, Naseem, repeatedly refused to return to India to face the criminal process despite the issuance of summons, a Non-Bailable Warrant, a Look Out Circular (LOC), and an Interpol Red Notice. Simultaneously, ED said, Naseem was found to be influencing victims from abroad to withdraw their FIRs by making fraudulent assurances through virtual meetings.
A crucial breakthrough occurred when ED obtained through intelligence sources, access to a Zoom meeting link circulated by Naseem via WhatsApp to victims. “The virtual meetings were recorded, and his user ID, meeting ID, and login credentials were identified,” said the federal agency. ED thereafter issued a summons to Zoom Communications, Inc., seeking all login details and IP addresses associated with the user account “Rashid Naseem” used during the Zoom sessions.
Based on Zoom’s cooperation and technical reports, ED said, the IP addresses used during the meetings were geo-located to the United Arab Emirates, conclusively establishing his presence in Dubai. “This digital evidence proved that he had willfully evaded Indian authorities and was residing in the UAE and continuing his operations from abroad. Given the deliberate evasion, ED Lucknow Zone moved an application under the Fugitive
Economic Offenders Act (FEOA), 2018, seeking his declaration as a Fugitive Economic Offender,” mentioned the ED.
After examining the evidence, the Special Court (PMLA), Lucknow found that all statutory conditions under Section 4(2) of FEOA and Rule 3 of the FEOA Rules, 2018 were satisfied. The court held that Naseem left India to avoid arrest and criminal prosecution, and he refused to return despite the issuance of NBW, LOC, and Interpol alerts. Accordingly, the court declared Naseem a FEO. Following the declaration, the court proceeded to consider ED’s application under Section 12(2) of FEOA for confiscation of properties belonging to Naseem, his associates, and the companies controlled by them.
Parallel to these proceedings, ED’s Lucknow zone had approached the Allahabad High Court and the special PMLA court Lucknow, seeking exercise of powers under Section 8(8), second proviso of PMLA, for restoration of attached properties to victims who had invested their hard-earned money in Shine City Group schemes.
Pursuant to ED’s request, the special court issued a public proclamation inviting all legitimate victims to file claims with supporting documents. To date, over 6,500 victims have submitted claims, and the ED is currently engaged in verification of these claims in a structured and time-bound manner. Although Shine City Group had challenged the restitution mechanism before the Supreme Court through a Special Leave Petition, the recent confiscation under FEOA significantly strengthens the restitution process. The property confiscated under FEOA now stands vested in the Central Government and thus provides a direct route for compensating victims through the realisation of the confiscated properties.
The recognition of legitimate claimants marks a significant step in ED Lucknow Zone’s ongoing efforts to ensure that the Proceeds of Crime are eventually returned to thousands of affected investors, many of whom have suffered severe financial and emotional distress due to the fraudulent operations of Shine City Group. ED said its Lucknow zone continues to uphold its commitment to combating financial crimes and ensuring justice for victims.
ReutersDenmark’s Prime Minister Mette Frederiksen says “Europe won’t be blackmailed” by Donald Trump’s tariff threats over Greenland.
She and other European leaders issued a joint statement on Sunday saying the plan risks a “dangerous downward spiral” with the US.
Early on Monday morning, Trump said, “NATO has been telling Denmark, for 20 years, that “you have to get the Russian threat away from Greenland.” […] Now it is time, and it will be done!!!”
The US president has said he will impose new taxes on eight US allies in February if they oppose his proposed takeover of the autonomous Danish territory.
Trump insists Greenland is critical for US security and has not ruled out taking it by force – a move that has drawn widespread criticism.
In a post on Truth Social in the early hours of Monday morning, Trump said that Nato has been telling Denmark to “get the Russian threat away from Greenland” for 20 years. Denmark, he continued, “has been unable to do anything about it”.
The new tariffs would be imposed on Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the UK.
In their joint statement, the eight countries said that “tariff threats undermine transatlantic relations”, reiterating that they “stand in full solidarity with the Kingdom of Denmark and the people of Greenland”.
The countries stressed they are “committed to strengthening Arctic security as a shared transatlantic interest” as members of the Nato military alliance.
“We stand ready to engage in a dialogue based on the principles of sovereignty and territorial integrity that we stand firmly behind,” the statement reads.
Separately, Frederiksen wrote on Facebook: “We want to cooperate and we are not the ones seeking conflict. And I am happy for the consistent messages from the rest of the continent: Europe will not be blackmailed.”
“It is all the more important that we stand firm on the fundamental values that created the European community.”
Meanwhile, UK Prime Minister Sir Keir Starmer said he had had phone calls on Sunday with Frederiksen, as well as European Commission President Ursula von der Leyen and Nato Secretary-General Mark Rutte, before speaking to Trump.
A spokeswoman for Starmer’s office said he had reiterated his position that Greenland’s security was a priority for all Nato members. “He also said that applying tariffs on allies for pursuing the collective security of Nato allies is wrong,” the spokeswoman added.
Trump has threatened to impose a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands and Finland, which would come into force on 1 February, but could later rise to 25% – and would last until a deal was reached.
“These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable,” he wrote, adding: “This is a very dangerous situation for the Safety, Security and Survival of our Planet”.
The US president insists Greenland is critical for US security and has said previously that Washington would get the territory “the easy way” or “the hard way”.
Greenland is a sparsely populated but resource-rich and its location between North America and the Arctic makes it well placed for early warning systems in the event of missile attacks and for monitoring vessels in the region.
US Treasury Secretary Scott Bessent on Sunday told NBC News’ Meet the Press that “Greenland can only be defended if it is part of the US, and it will not need to be defended if it is part of the US”.
“I believe that the Europeans will understand that this is best for Greenland, best for Europe and best for the United States,” he said.
Speaking to BBC Newshour, Norwegian Foreign Minister Espen Barth Eide said mutual respect for sovereignty is the “non-negotiable” core principle of international law and co-operation.
“If we are to live in peace and if we are to be able to co-operate on shared problems, we have to start by the mutual recognition of each others sovereignty and territorial integrity,” she added.
It is still unclear how the tariffs will affect those Trump has already imposed on the UK and EU. French President Emmanuel Macron, who is working to co-ordinate the European response to the tariff threats, said he would request that the EU activate its “anti-coercion instrument” if Trump does impose them.
The US president is due to speak at the World Economic Forum in Davos, Switzerland on Wednesday on the theme “how can we co-operate in a more contested world?” Macron, as well as the leaders of Germany and the EU, will also be attending the annual conference.
Canadian Prime Minister Mark Carney, who will also be there, said his country was “concerned by the recent escalation” and that it would be “significantly increasing Arctic security — strengthening our military and investing in critical infrastructure”.
“Canada strongly believes that the best way to secure the Arctic is by working together within Nato,” he also wrote on X.
Mark Rutte, meanwhile, said he had spoken to Trump “regarding the security situation in Greenland and the Arctic”.
“We will continue working on this, and I look forward to seeing him in Davos later this week,” he added.
EPA/ShutterstockPublic anger in both Denmark and Greenland at Trump’s threats over Greenland appears undiminished. Demonstrations against Trump’s takeover plans were held in Greenland’s capital, Nuuk, on Saturday – before the tariff announcement – as well as in Danish cities.
These rallies coincide with a visit to Copenhagen by a delegation from the US Congress. Its leader, Democratic Senator Chris Coons, described Mr Trump’s rhetoric as “not constructive”.
The island’s representative to the US has said that the last time Greenlanders were asked if they wanted to be part of the US, in January 2025, only 6% were in favour of doing so, while 85% were against.
A recent poll suggests that most Americans also oppose US control of Greenland. A Reuters/Ipsos poll, which was released last Wednesday, indicated just 17% of Americans support the US taking Greenland, compared to 47% who said they opposed Trump’s push to acquire the island.
Business
Top stocks to buy: Stock recommendations for the week starting January 19, 2026 – check list – The Times of India
Stock market recommendations: According to Motilal Oswal Financial Services Ltd, the top stock picks for the week (starting January 19, 2026) are 360 One, and Canara HSBC Life. Let’s take a look:
360 One360 One WAM is a structural growth story given tailwinds from India’s expanding wealth pool, new team onboarding, and synergies from recent acquisitions which underpin long-term growth visibility. It delivered a strong 3QFY26, driven by robust inflows and operating leverage. Operating revenue grew 33% YoY, led by a sharp 45% YoY rise in ARR income, while disciplined cost control reduced the cost-to-income ratio by 320bp YoY to 49.6%, supporting healthy profit growth. PAT grew 20% YoY despite a sharp decline in other income. Growth was fueled by strong net ARR inflows of ₹147b, with record AMC inflows and sustained momentum in wealth management driven by wallet share gains and carry income-led retention improvement. Management remains confident of further CI ratio improvement toward 45–46% as ET Money and HNI businesses move toward breakeven. Management guides for 22–24% AUM growth, translating into 21%/22% revenue/PAT CAGR over FY25-28.Canara HSBC LifeCanara HSBC Life Insurance represents a compelling banca-led compounding story, underpinned by strong distribution moats and significant headroom for efficiency-driven growth. The insurer has consistently outperformed the industry over the past decade by leveraging its deep bancassurance partnerships, led by Canara Bank and complemented by HSBC, which together provide access to a large, sticky, and increasingly segmented customer base.With penetration among Canara Bank customers still very low and branch productivity materially below private-bank peers, incremental gains from better analytics, digital enablement, and branch activation offer a long runway for growth at low acquisition cost. HSBC adds a high-quality layer through affluent, NRI, salary, and corporate customers, supporting superior persistency and value accretion. Alongside this, gradual diversification into agency and other channels improves reach and reduces concentration risk without materially diluting long-term economics. A favorable shift in product mix toward non-par and protection, improving operating efficiency, and rising scale are driving steady expansion in value creation metrics, positioning Canara HSBC Life as a structurally improving, capital-efficient life insurer with sustained growth visibility and strong return potential over the medium term.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
China’s economy grew by 5% last year, as record exports helped the world’s second largest economy meet its annual target.
Beijing had set a goal of “around 5%” economic growth in 2025, despite struggles to boost domestic spending and a prolonged property crisis.
China reported the world’s largest-ever trade surplus last week – the value of goods and services sold overseas compared to its imports – of $1.19tn (£890bn), driven by a rise in exports to markets outside the US, as President Donald Trump continued his tariffs policy.
But official figures released on Monday also showed that China’s economic growth slowed to a rate of 4.5% in the final three months of 2025 compared to a year earlier.
As well as China’s exporters moving away from the American market, China’s economic resilience was helped by lower-than-expected US tariffs after Beijing and Washington agreed a tariffs pause.
While China’s manufacturers continued to boost exports, the country is grappling with a number of issues in its domestic economy.
The country has been struggling with an ongoing property crisis and rising local government debt, which has made businesses more hesitant to invest and consumers cautious about spending.
Other new data on Monday showed that new home prices continued to fall in December, as the government struggled to stabilise the property market. Prices dropped 2.7% last month compared to a year earlier, the sharpest decline in five months. Property investment also fell 17.2% last year.
At the same time retail sales rose by just 0.9% in December, the slowest rate in three years.
But the country’s factory output increased by 5.2% in December from a year earlier, beating the 4.8% growth in November.
China’s leaders have pledged “proactive” policies this year as they look to increase domestic spending and shift reliance away from exports and investments.
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