Thane Rural cops book Heera Group MD for cheating investors
A woman arrested earlier by Mumbai police for allegedly duping investors to the tune of Rs. 300cr has been charged with similar offenses in neighboring Thane as well, police said today. Nowhera Shaikh, managing director of Heera Group, which had floated several investment schemes claiming they were compliant with Islamic principles of finance, was arrested by Mumbai police's Economic Offences Wing (EOW) on October-26.
Shaikh was earlier arrested in Hyderabad on similar complaints
Shaikh was first arrested by Hyderabad police on October 17, after several investors based there filed complaints alleging cheating by her group. After she was released on bail by a court, a team of Mumbai EOW took her in custody. A case of cheating and other offenses has been registered at Kashimira police station against Shaikh and some employees of her firm.
Heera Group had promised investors returns upto Rs. 1 lakh
Thane Rural police spokesperson Yuvraj Kalkutage today said that 40 investors in Thane had accused Shaikh of cheating them of Rs. 4.12cr. The complainants alleged that between March'17 and November'18, the firms floated by Heera Group accepted investments from them promising good returns in the range of Rs. 3000 to 1L per month. After making part payments, the company allegedly shut shop and fled.