Hyderabad: Days after Heera Gold ponzi scam accused Nowhera Sheik was released from Mumbai jail on an interim bail, the sleuths of Enforcement Directorate have filed a prosecution complaint her and 28 others. The lady is a key accused in duping over 2 lakh investors.
The enforcement directorate booked a case under Prevention of Money Laundering Act based on various FIRs registered by Telangana, Karnataka and Andhra Pradesh police. As majority of the investors belonged to the above states.
ED's investigation found that Nowhera Sheik hatched a well-planned conspiracy and lured investors to deposit their savings with her for 'profit' sharing rather than interest which is not allowed in 'Islam'.
"Nowhera Sheik incorporated M/s Heera Group of Companies and initially promptly paid the monthly assured so-called profit to win the trust of the gullible victims. As time passed by she engaged a network of marketing executives and direct selling agents who worked on commission basis. Nowhera collected deposits to the tune of Rs 5600 Crore from around 1,72,000 investors (IBG Members) across the country by making false promises of paying high rate of returns i.e. 3% per month (36% to 40% per year)" officials of ED said.
The company opened 250 accounts:
In order to escape from law enforcement agency, Nowhera sheik opened around 250 accounts in various banks across India and 08 accounts in UAE & Saudi Arabia. Heera Group of companies then diverted the depositor's amounts to their personal accounts for wrongful gain and purchased huge movable and immovable assets.
It is to note that Nowhera Shaik and Heera Group of companies did not possess any valid permission either under banking Regulation Act, or from RBI or from any other govt agency such as SEBI for collecting deposits. And this was hidden from the investors. The enforcement agency has already attached properties of worth Rs 299.99 crores in Hyderabad and different states.
Not too long ago she was released from a jail on Maharastra for a period of six weeks interim bail. The lady spent two-and-a-half years in judicial custody.
As per the Supreme Court orders, she has to return the deposits to the complainants. The Supreme Court in the bail order said that Nowhera Sheik should return the deposits of all the complainants in cases where chargesheets have been filed or complaints have been made.