Nowhera Shaikh, Heera Gold director, arrested on charge of duping depositors
Nowhera Shaikh, heading 15 different group companies, including Heera Gold, spread across different parts of the country, was arrested Monday in New Delhi and brought to Hyderabad under a transit warrant.
A senior police official said she was also associated with a lesser known political party.
An FIR registered against Nowhera Shaikh was transferred to the Central Crime Station (CCS) in Hyderabad which reregistered a cheating case against her.
"CCS has taken up Investigation, recorded statements of various stakeholders and other victims and collected evidence tram different sources and found substantial incriminating evidence against Nowhera Shaikh," the police said.Nowhera Shaikh is heading 15 companies under different names under the Heard Group of companies. Many of these companies are involved in the collection of deposits and Investments in different modes of gold scheme from the public, wherein these companies promising a return of around 36 per cent per annum on the invested amount.
While the exact number of those affected was not yet known, "it is estimated that the number of depositors could be in thousands in different states of the country," the release said.
"During Investigation evidence of diversion of funds have come to light. Evidence has also been found of purchase of assets in different names of Individuals as well as companies," the police said.
"Many Investors have not been paid their dues since last few months by accused companies The companies and other accused have not cooperated with the police or provided relevant information during the course of the investigation. The main accused also made efforts to mislead the police and avoid the investigation," it added.
More than 160 bank accounts have been identified across India, details of which have been south from the concerned banks.
(With inputs from PTI)
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