Nowhera Shaikh, founder of the Heera group, was booked again by the Economic Offences Wing of Mumbai Police for Rs 500 crore Heera Gold investment fraud case.
Nowhera Shaikh, the managing director of Heera group, is arrested again, soon after she got out of Hyderabad prison. The Mumbai police’s Economic Offences Wing (EOW) booked her on Friday and were actually waiting for her release from the Chanchalguda central prison in Hyderabad.
Nowhera was granted bail on Wednesday by the Metropolitan Sessions Bench with a Rs 5 crore deposit; the court had also established travel restrictions on her.
Nowhera is now arrested by the Mumbai Police with respect to Rs 500 crore Heera Gold investment fraud case and has been produced before the special court in Mumbai on Friday. The court remanded her to police custody till November 3.
The Heera group founder was booked on the basis of an FIR filed by Shane Illahi Shaikh, a Mumbai resident, on October 23. The complainant had made Rs 6 lakh investment in Heera Gold and expected a return of 2.8% to 3.2% on it. He did receive the returns for a while, but the payments stopped from June.
As per the reports on Times of India, the Mumbai police have estimated that among the 2 lakh people, who invested in Heera Gold, 10,000 of them would be in Mumbai alone. Due to the non-cooperation of the Heera group representatives with the investigation, the Telangana police were unable to determine the exact number of investors.
The EOW of Mumbai raided the Heera group’s offices in Bhendi Bazar area of south Mumbai and in Mira Road based on the complaint filed in Mumbai. Also, a case has been charged against Nowhera and officials of Heera Gold Exim Ltd, Heera Retail Pvt Ltd, Heera Textiles and Heera Foodex in Mumbai.
The Heera group founder was initially booked on October 16 by the Central Crime Station (CCS) division of the Telangana police in Delhi. The arrest was on the basis of an FIR, which was filed with the Banjara Hills police station for cheating, criminal breach of trust and criminal intimidation.
Nowhera Shaikh owns 15 companies in India, which have enterprises across the Middle East as well. She was also the party president of All India Mahila Empowerment Party, which contested Assembly elections in Karnataka.
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Last Updated Oct 27, 2018, 4:51 PM IST