Shine City, formally Shine City Infra Project Pvt. Ltd., was launched in 2013 primarily based in Lucknow, India. Founded by brothers Rasheed Naseem and Asif Nafees, the venture quickly expanded across multiple Indian states, including Kolkata, Ahmedabad, Ranchi, Siliguri, and Chikhali. The project was initially pitched to investors as an opportunity to acquire affordable plots, residential flats, and commercial properties across phases of development such as Shine City Phase 3 and Phase 4.
The founders projected a vision of becoming a trusted real estate developer providing quality housing and commercial spaces in emerging cities throughout India. Rasheed Naseem, the key decision-maker and owner, managed expansion with his family members and associates. Alongside the Lucknow headquarters known as Shine City office, the group developed properties branded under variations such as “City Shine,” “Shine Citi Umbrella,” and others to diversify their presence.
Prior to Shine City, the founders reportedly had limited success in the market but leveraged aggressive sales tactics and multiple subsidiary entities to widen their operations. The company rapidly gained attention for its ambitious development model but also raised concerns surrounding its financial transparency and project delivery timelines.
Controversies & Scandals
Despite initial promises, Shine City became embroiled in widespread controversies by the late 2010s. Over 554 FIRs were lodged against the firm and its promoters across Uttar Pradesh and adjacent states, including Rajasthan, West Bengal, and Bihar. Public accounts revealed numerous complaints of delayed possession, withheld refunds, and incomplete construction. Many investors reported being forced into reinvesting funds into new schemes after initial project delays.
Rasheed Naseem and associates were declared absconders by law enforcement, with Naseem reportedly residing in Dubai since late 2021, prompting extradition requests by Uttar Pradesh police. The scandal attracted media attention under tags like “Shine City Latest News Today” and discussions over “Shine City refund” mechanisms initiated after multiple court interventions.
Money Laundering Activities
Investigations uncovered that Shine City operated using sophisticated money laundering tactics. These included overvaluation of properties, layering funds through multiple transactions, selling to fake buyers, and using shell companies and nominee trustees to mask actual ownership. The Ponzi-like pyramid schemes attracted public investments that were diverted to assorted movable and immovable assets under proxy names.
The Enforcement Directorate (ED) registered a Prevention of Money Laundering Act (PMLA) case against the promoters and associated companies. Attached assets in Lucknow, Mirzapur, and Manda were valued at Rs 160 crore or more. These illicit funds were channeled into properties and luxury assets, severely compromising investor trust.
International Links & Benefited Countries
Foreign links remain suspected but unconfirmed officially. Given Rasheed Naseem’s fugitive status in Dubai, there is presumed use of offshore accounts and cross-border transactions to obscure funds’ origins. No confirmed public report links Shine City projects directly to foreign countries besides the Dubai connection, but flows through probable offshore entities are under scrutiny.
Regulatory Actions & Legal Proceedings
Strong regulatory pushback arose with the Enforcement Directorate’s multiple case filings, property attachments, arrests of key executives, and court rulings taking cognizance of prosecution complaints. Courts ordered partial refunds for some victims though many remain unresolved.
Authorities such as the Uttar Pradesh Police’s Economic Offences Wing and ED have been active since early 2021 investigating Shine City operations, representing a rare comprehensive action against a fraudulent Indian real estate firm. However, political and bureaucratic challenges have somewhat slowed full resolutions.
Public Impact & Market Reaction
The Shine City scandal drastically eroded public confidence particularly in smaller tier-2 and tier-3 city real estate markets such as Lucknow, Ranchi, Siliguri, and Chikhali. Affected investors faced financial distress and widespread loss of trust in emerging city property developers, dampening overall market demand.
Property prices and real estate activity in affected regions showed volatility with a preference shift towards more established developers. The controversy also sparked calls for stricter regulatory oversight and transparency in India’s opaque land registration and property sales system.
As of late 2025, Shine City remains under extensive investigation while several legal battles continue. Though some refunds have been facilitated through court orders, many investors still await compensation or possession. The project listings such as Shine City Phase 3 and Phase 4 remain partially developed or stalled.
Experts suggest the Shine City case will serve as a cautionary tale emphasizing the need for stronger anti-money laundering enforcement and industry reforms. Expansion plans and overseas links remain areas to watch, with law enforcement closely monitoring for any money laundering involving offshore entities or politically exposed persons.
