Heera Group MD Nowhera Shaikh arrested by Mumbai police

The companies in the Heera group had floated several investment schemes claiming that they were compliant with Islamic principles of finance, police said.

Published: 27th October 2018 01:07 AM  |   Last Updated: 27th October 2018 01:07 AM   |  A+A-

handcuffs

For representational purposes (Express Illustrations)

By PTI

MUMBAI: The Economic Offences Wing (EOW) of Mumbai police Friday arrested Nowhera Shaikh, managing director of Heera Group, for allegedly duping investors of around Rs 300 crore.

The companies in the Heera group had floated several investment schemes claiming that they were compliant with Islamic principles of finance, police said.

Shaikh was first arrested by Hyderabad police on October 17 after several investors there filed complaints of cheating against her group.

After she was released on bail by a court, a team of Mumbai EOW took her in custody, a police official said here.

She was produced before a Mumbai court Friday evening which remanded her in police custody till November 3, he said.

Shaikh also dabbled in politics and had floated an outfit named `All India Mahila Empowerment Party'.

On October 23, a case was registered against Shaikh and officials of Heera Gold Exim Ltd, Heera Retail Pvt Ltd, Heera Textiles and Heera Foodex here, the official said.

Shaikh and others allegedly launched several investment schemes promising returns as high as 2.8 to 3.2 per cent per month, and syphoned off the money, he said.

They mostly targeted Muslim investors, claiming that their schemes offered `profit' on investment and not interest which is prohibited in Islam, the official said.

The Heera group has over 20 companies and has its headquarters in Hyderabad, he said.

The companies had operations in Dubai, Sharjah, Saudi Arabia, Ghana and were involved in businesses such as sale and purchase of gold, garments, electronics and food items.

The group first floated an investment scheme specially designed for Muslims in 2008, the official said.

The EOW also raided the group's offices in Bhendi Bazar area of south Mumbai and in Mira Road, the official said, adding that further probe was on.

Stay up to date on all the latest Mumbai news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp