ED raids Heera Group’s MD Shaikh Nowhera’s properties in Hyderabad
The Enforcement Directorate (ED) on Saturday raided Ponzi Queen Nowhera Shaikh’s office and her ‘Heera Group” companies in Hyderabad and seized Rs.90 lakh, in addition to property documents worth crores. Nowhera Shaikh for the past 15 years, operating Chit and finance companies in Andhra Pradesh, Telangana, and Karnataka and fooled so many people.
The 12th class dropout Nowhera Shaik, touting a Doctorate Degree from Sri Lanka, first invited controversy by trying to start the International Islamic University in Tirupati through illegal land deals and was caught by agencies in 2019 for chit fund scams and Ponzi schemes. She (51) and her Heera Group companies were fooling lakhs of people with fake investment schemes and gold purchase schemes. Her firms were facing cases of cheating more than Rs.3000 crores and Hyderabad MP Asaduddin Owaisi registered a complaint against her duping thousands of people.
She also started ponzi firms in many countries including Africa and imported gold. Cleverly mixing religion and microfinancing, claiming an Islamic Banking business Nowhera Shaik has been duping people across South India for the past 15 years.[1]
Last year, the ED provisionally attached 24 immovable properties of Nowhera Shaikh and Heera Group of companies in Hyderabad worth Rs.34 crore under the provisions of the Prevention of Money Laundering Act. The ED had provisionally attached properties to the tune of Rs.367 crore allegedly acquired out of proceeds of the crime by Nowhera’s Heera Group of companies, M/s SA Builders & Developers, a Hyderabad-based firm, and M/s Neelanchal Technocrats Pvt Ltd, a Bangalore-based company. The total attachment in the ED case stood at Rs.400.06 crore.
Nowhera Shaik was investigated by the Economic Offences Wing of Mumbai police, Serious Fraud Investigation Office (SFIO), and presently the ED, in connection with a gold ponzi scheme where she has collected around Rs.500 crore or more, from around two lakh investors. The Heera Group’s investors are spread around Andhra Pradesh, Telangana, Karnataka, Maharashtra, and also the Gulf countries where its offices are located. Nowhera has promised her investors returns of 32-42% on their investments in a Ponzi scheme. Her companies started defaulting on the payments, several cases were filed by various agencies including the ED.
Reference:
[1] At last the law catches up with the notorious Ponzi Queen Nowhera Shaikh – May 16, 2019, PGurus.com
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She was arrested long time ago, still unpunished & enjoying Hyderabadi Briyani ? She is roaming free ? Think Sree Iyer missed reporting on her !! i.e. Sree Iyer did not get any update from his friend Asauddin Owaisi who is the main complianant in this case !!
Put her behind bars & subject her to rigorous imprisonment i.e. manual stone mining works.