Nowhera Shaikh, managing director of Heera Gold group which allegedly duped thousands of people of their deposits worth crores in a ponzi scheme case, was brought to Hyderabad on Tuesday in connection with fresh cases of cheating.
The Economic Offences Wing of the Cyberabad police in Hyderabad brought Shaik from Chittoor jail on a transit warrant in connection with pending cases. She was produced before the Ranga Reddy district court in LB Nagar, which remanded her to two-week judicial custody.
While the Hyderabad Central Crime Station had already booked her in a cheating case in October last, four more cases were pending against her in the city. Last week, another case was registered against her at the Kukatpally police station following a complaint filed by a driver Mohammed Ghouse of Kukatpally.
He alleged that Heera Gold group had collected more than Rs 11 lakh in the form of deposits in the last two years promising high rate of returns, but had not paid any amount till date.
Earlier this month, the Crime Investigation Department (CID) police of Andhra Pradesh arrested Shaik in Chittoor following a series of complaints in the state. She was charged with cheating, criminal breach of trust and criminal intimidation.
{{/usCountry}}Earlier this month, the Crime Investigation Department (CID) police of Andhra Pradesh arrested Shaik in Chittoor following a series of complaints in the state. She was charged with cheating, criminal breach of trust and criminal intimidation.
{{/usCountry}}Shaikh has been facing similar cases in various states including Maharashtra, Karnataka, Delhi and Kerala, where she had expanded her business and allegedly violated laws to collect huge deposits.
According to police, Shaikh floated 20 subsidiary companies and collected hundreds of crores from investors by promising returns of over 36 per cent.
Apart from Rs 5,647 crore of deposits collected in India by the Heera Group companies, the investigations so far revealed huge collection of deposits and investments in foreign currency including dollars, dirhams, Saudi riyals and dinars, the police said.
The Central Crime Station (CCS) in Hyderabad has also referred the complaints to Enforcement Directorate, Income Tax department and Serious Fraud Investigation Office to investigate into the alleged fraud in Heera Group as its subsidiary companies reportedly carried out huge foreign transactions without valid licenses.