HYDERABAD: The Telangana police informed the High Court that a detailed investigation is under progress, and they are coordinating with all the departments concerned, in the eight cases registered against the prime accused Nowhera Shaik of Heera Group of Companies, allegedly involved in a multi-crore investment fraud.
About 1.72 lakh investors have deposited a sum of Rs 5,600 crore across India and abroad, and it was necessary to proceed with the case investigation to protect the interests of the victims, the police noted. In this regard, Assistant Commissioner of Police, WCO, CCS of Hyderabad city K Ram Kumar filed a counter affidavit in the petition filed by Nowhera Shaik seeking to stay all further proceedings in the FIRs registered against her and the company in various police stations in the city.
It was alleged that she had indulged in investment fraud by collecting thousands of crores of rupees from the public with a promise of high monthly returns. The accused presently lodged in Chanchalguda prison, urged the court to enlarge her on bail and to direct the authorities to forward the complaints lodged against her by several depositors to the Serious Fraud Investigation Office (SFIO) in terms of the Companies Act, 2013 for the probe.