HYDERABAD: Heera Group of companies founder and managing director Nowhera Sheikh was on Tuesday arrested in Delhi and brought here on a transit warrant for allegedly cheating the public by promising high returns on investments.
Nowhera, who is also the founder of the recently floated Mahila Empowerment Party (MEP), had contested the Karnataka Assembly elections and was preparing to try her luck in the upcoming elections in Telangana as well.
According to police, Farza Unnisa Begum from Banjara Hills invested Rs 25 lakh in Heera Group after she was promised that the amount would be returned along with interest in 60 days.
As the repayment was delayed, Begum lodged a complaint and a case was registered under charges of cheating and Prize Chits and Money Circulation Schemes Act.
THE Heera Group of Companies, which is a conglomeration of 15 firms, has been collecting investments in gold schemes by promising an interest of 36 per cent per year. Hyderabad Police Commissioner Anjani Kumar said the exact number of investors is not known, as the group has not disclosed all details to the Police.
It is, however, estimated that thousands from the country may have been duped. Inquiries also unearthed diversion of funds from the group’s accounts to those of Nowhera and other individuals.
“Many investors have not been paid their dues for the past few months. The companies and other accused did not cooperate with police and did not even provide information during the course of investigation. Nowhera also tried to mislead the Police and evade investigation,” Kumar said.
Police have found more than 160 bank accounts and different properties linked to Nowhera across India estimated to be worth hundreds of crores of rupees.
The freezing of bank accounts operated by the group and persons holding positions in the company has been initiated. Seizing of properties will, however, take time due to procedural delays, investigators said.