ED arrests Heera Group chief Nowhera Shaik in ₹3,000 crore investor fraud case
Nowhera Shaik, the chief of Heera Group, was arrested by the Directorate of Enforcement in connection with a ₹3,000 crore investor fraud case. She is accused of defrauding over 1,72,114 investors through fraudulent investment schemes promising high returns. The investigation revealed that funds collected from investors were allegedly misappropriated for personal use and that Shaik attempted to obstruct legal proceedings.
- ▪Nowhera Shaik was arrested on May 21 under the Prevention of Money Laundering Act.
- ▪The Heera Group is accused of defrauding investors across India of over ₹3,000 crore.
- ▪The ED claims that Shaik failed to cooperate with the execution of sale deeds for auctioned properties.
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The Directorate of Enforcement arrested Nowhera Shaik on May 21 from Gurugram in Haryana under provisions of the Prevention of Money Laundering Act in connection with the Heera Group investor fraud case.According to ED, she was brought to Hyderabad and produced before the Special PMLA Court late on Wednesday night, following which she was remanded to judicial custody.The ED said the investigation was initiated on the basis of multiple FIRs registered by Telangana and Andhra Pradesh police against Nowhera Shaik, Molly Thomas, Biju Thomas and the Heera Group of companies over allegations of defrauding investors across the country.Officials alleged that more than 1,72,114 investors were cheated of over ₹3,000 crore through investment schemes floated by the Heera Group.Investigators said…
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