HYDERABAD: The Economic Offence Wing (EOW) of Cyberabad police registered a criminal case against Heera Group founder and CEO Nowhera Sheik. The case was transferred from the Kukatpally police station after they received a memo from the Serious Fraud Investigation Office (SFIO). A few years back several cases were filed against Heera Group and Nowhera Sheik for allegedly cheating people of crores of rupees and the SFIO has taken up the cases. The SC on October 18 ordered that the SFIO should proceed further in accordance with law.
It asked each state where the FIRs have been registered to investigate the allegations in accordance with the law. So after receiving the memo from the CFIO, the EOW police of Cyberabad commissionerate registered a case against her, which was transferred from the Kukatpally police station. The case was registered in 2021. The SFIO clarified that they investigate the cases only related to the company law.
The accused had established Heera Group dealing in gold purchases and running schemes promising its customers gold. One of the complainants told the EOW police that she invested Rs 1,55,000 in Heera Group companies, including Heera Gold Exim Limited and Heera Foodex Limited. According to her, she received the interest on her investment for one year. Later, it stopped, she said. In her complaint, she said the group promised 36 percent interest on her investment and a profit of 3 percent and above.